April 26, 2023

Wyden Co-Sponsors SAFE Banking Act

Washington, D.C. – U.S. Senator Ron Wyden, D-Ore., today co-sponsored the SAFE Banking Act, legislation to ensure cannabis businesses in Oregon and other states with legal cannabis can access financial services. The legislation was introduced by U.S. Senators Jeff Merkley, D-Ore., and Steve Daines, D-Mont., and U.S. Representatives Dave Joyce, R-Ohio, and Earl Blumenauer, D-Ore.

Wyden released the following statement:

“It is absolutely mind-boggling that after decades of progress at the state level, cannabis businesses are still being forced to operate in the shadows without banking services. These are law-abiding businesses that the federal government is treating like criminals, carting cash long distances to the few credit unions able to bank with them. This puts business owners at grave risk for robberies and worse. The SAFE Banking Act must be a public safety priority for this Congress. By failing to act, the federal government is not only putting these businesses in Oregon and other states where cannabis is legal at risk, it’s also holding back small cannabis businesses from growing and creating jobs.

“I appreciate Senator Merkley’s steadfast leadership on this issue and for taking feedback from both sides of the aisle to introduce a bill that should get broad support. We are closer than ever to meaningful reform. Now let’s get it done.”

As Chair of the Senate Finance Committee, Wyden has led the charge for cannabis reform in Congress. He partnered with Senator Booker and Majority Leader Schumer to author the Cannabis Administration and Opportunity Act (CAOA), comprehensive legislation that would end the harmful and out-of-touch federal prohibition on cannabis by removing cannabis from the federal list of controlled substances and empowering states to implement their own cannabis laws. 

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