Pot Banking Gets Fresh Bipartisan Backing in US Senate

A bipartisan group of senators Wednesday introduced legislation that would open legal banking channels to cannabis businesses, a sector that has been blocked from traditional finance by federal drug laws.

The legislation, dubbed the Secure and Fair Enforcement Regulation (SAFER) Banking Act, would give state-legalized marijuana businesses access to banking services, and would also prohibit regulators from ordering a bank or credit union to close an account based on reputational risk.

It is backed by Majority Leader Chuck Schumer, Democrat Jeff Merkley of Oregon, Republican Steve Daines of Montana and Cynthia Lummis of Wyoming, and independent Kyrsten Sinema ...