Bank of America, the National Rifle Association, and Mastercard are among the entities that are currently lobbying on the marijuana banking act.
As first reported in an article published on Cannabis Wire on October 20, Bank of America, the National Rifle Associaton, and Mastercard included the Secure and Fair Enforcement Regulation, also known as the SAFER Banking Act, in their lobbying disclosure for the third quarter of 2023.
The bill, which has recently been voted in the Senate Banking Committee, aims to ease access to banking services for marijuana businesses as they are currently unable to due to the illegal status of marijuana at the federal level.
The Senate vote was a historic moment as it marked the first time the Senate addressed marijuana banking legislation, despite the previous version of the SAFER Banking Act, also known as the Secure and Fair Enforcement (SAFE) Act, passing in the House on multiple occasions but failing in the Senate.
While Bank of America has disclosed its lobbying activities on both S. 1323 and S. 2860, which are, respectively, the SAFE Banking Act and the SAFER Banking Act approved by the Senate committee, the NRA has only disclosed such activities in relation to the SAFER Banking Act. However, neither of them has disclosed their position, which means it is not possible to determine whether their lobbying activities are in favor of or against the bill.