IB 
Union Calendar No. 78 
116TH CONGRESS 
1ST SESSION H. R. 1595 
[Report No. 116–104, Part I] 
To create protections for depository institutions that provide financial services 
to cannabis-related legitimate businesses and service providers for such 
businesses, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 7, 2019 
Mr. PERLMUTTER (for himself, Mr. HECK, Mr. STIVERS, Mr. DAVIDSON of 
Ohio, Mr. AGUILAR, Ms. BARRAGA´N, Mr. BEYER, Mr. BLUMENAUER, Ms. 
BONAMICI, Mr. BRENDAN F. BOYLE of Pennsylvania, Mr. BROWN of 
Maryland, Ms. BROWNLEY of California, Mr. CARBAJAL, Mr. CA´RDENAS, 
Mr. CARTWRIGHT, Ms. CASTOR
of Florida, Mr. CICILLINE, Mr. 
CISNEROS, Ms. CLARK of Massachusetts, Ms. CLARKE of New York, Mr. 
COHEN, Mr. COOPER, Mr. CORREA, Mr. COURTNEY, Mr. COX of Cali-
fornia, Mr. CRIST, Mr. CROW, Mrs. DAVIS of California, Mr. DEFAZIO, 
Ms. DEGETTE, Ms. DELAURO, Ms. DELBENE, Mr. DESAULNIER, Ms. 
ESHOO, Mr. ESPAILLAT, Mr. FOSTER, Ms. FUDGE, Ms. GABBARD, Mr. 
GALLEGO, Mr. GARCI´A of Illinois, Mr. GOMEZ, Mr. GONZALEZ of Texas, 
Mr. HASTINGS, Ms. HILL of California, Mr. HORSFORD, Mr. HUFFMAN, 
Ms. JACKSON LEE, Ms. JAYAPAL, Mr. JOHNSON of Georgia, Mr. 
KHANNA, Mr. KILMER, Mrs. KIRKPATRICK, Mr. KRISHNAMOORTHI, Mr. 
LAWSON of Florida, Ms. LEE of California, Mrs. LEE of Nevada, Mr. 
LEVIN of Michigan, Mr. LEVIN of California, Mr. TED LIEU of Cali-
fornia, Mr. LUJA´N, Ms. MATSUI, Ms. MCCOLLUM, Mr. MCGOVERN, Mr. 
MEEKS, Mr. NEGUSE, Ms. NORTON, Mr. PANETTA, Mr. PAPPAS, Ms. 
PINGREE, Ms. PORTER, Mr. QUIGLEY, Mr. RASKIN, Mr. RUSH, Mr. 
RYAN, Mr. ROUDA, Ms. SCHAKOWSKY, Mr. SCHRADER, Mr. SHERMAN, 
Mr. SIRES, Mr. SMITH of Washington, Mr. SOTO, Ms. SPEIER, Mr. 
SWALWELL of California, Ms. TITUS, Mrs. TORRES of California, Mr. 
VARGAS, Ms. VELA´ZQUEZ, Mrs. WATSON COLEMAN, Mr. WELCH, Ms. 
WILD, Mr. YARMUTH, Mr. RODNEY DAVIS of Illinois, Mr. HUNTER, Mr. 
JOYCE
of Ohio, Mr. NEWHOUSE, Mr. YOUNG, Mr. HIMES, Mr. 
LOEBSACK, Ms. LOFGREN, Mr. LOWENTHAL, Mrs. CAROLYN B. MALO-
NEY of New York, Mr. SEAN PATRICK MALONEY of New York, Mr. 
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TAKANO, Mr. THOMPSON of California, Mr. GAETZ, Mr. RIGGLEMAN, Mr. 
DAVID SCOTT of Georgia, Ms. WATERS, and Ms. SCHRIER) introduced 
the following bill; which was referred to the Committee on Financial Serv-
ices, and in addition to the Committee on the Judiciary, for a period to 
be subsequently determined by the Speaker, in each case for consider-
ation of such provisions as fall within the jurisdiction of the committee 
concerned 
JUNE 5, 2019 
Additional sponsors: Mr. AMODEI, Mr. BALDERSON, Mr. POCAN, Mr. CON-
NOLLY, Mr. MCCLINTOCK, Mr. BERA, Mr. PASCRELL, Mr. LARSON of 
Connecticut, Mr. PETERS, Mr. STANTON, Mr. LARSEN of Washington, 
Ms. SA´NCHEZ, Mr. GRIJALVA, Mr. HARDER of California, Mr. SAN NICO-
LAS, Mr. HIGGINS of New York, Mr. GOLDEN, Mr. CASE, Ms. MENG, Mr. 
CASTRO of Texas, Mr. MOULTON, Ms. DEAN, Ms. HAALAND, Mr. EVANS, 
Ms. KUSTER of New Hampshire, Mr. KILDEE, Mr. NADLER, Mr. RUIZ, 
Mr. NEAL, Ms. PRESSLEY, Mr. LAMB, Ms. SLOTKIN, Mr. DEUTCH, Mr. 
MICHAEL F. DOYLE of Pennsylvania, Mr. CLAY, Ms. STEVENS, Ms. 
WEXTON, Ms. SCANLON, Ms. BASS, Mrs. MURPHY, Mrs. LAWRENCE, Ms. 
SHERRILL, Mrs. BUSTOS, Mr. MCNERNEY, Mrs. LURIA, Mr. BRINDISI, 
Mr. STEUBE, Mr. TRONE, Mr. MASSIE, Mr. RESCHENTHALER, Mr. NOR-
CROSS, Mr. UPTON, Mr. SARBANES, Mr. BANKS, Ms. FINKENAUER, Mrs. 
DINGELL, Ms. TLAIB, Ms. DAVIDS of Kansas, Mr. MEUSER, Mr. 
MALINOWSKI, Mr. ARMSTRONG, Mr. VELA, Mr. BISHOP of Georgia, Mr. 
GIBBS, Ms. MOORE, Mrs. AXNE, Mr. DELGADO, Ms. TORRES SMALL of 
New Mexico, Ms. KENDRA S. HORN of Oklahoma, Mr. VAN DREW, Ms. 
BLUNT ROCHESTER, Ms. SPANBERGER, Ms. HOULAHAN, Mr. KENNEDY, 
Ms. UNDERWOOD, Mr. JEFFRIES, Mr. COMER, Mr. GARAMENDI, Miss 
GONZA´LEZ-COLO´N of Puerto Rico, Mr. TONKO, Mr. BACON, Mr. PAYNE, 
Mr. THOMPSON of Mississippi, Ms. MUCARSEL-POWELL, Mr. SCHIFF, 
Ms. SHALALA, Ms. JUDY CHU of California, Ms. ROYBAL-ALLARD, Ms. 
ESCOBAR, Ms. ADAMS, Ms. FRANKEL, Mr. CASTEN of Illinois, Mr. 
GRAVES of Georgia, Mr. COLLINS of New York, Mr. GONZALEZ of Ohio, 
Mr. MORELLE, Mr. CLEAVER, and Mr. COSTA 
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JUNE 5, 2019 
Reported from the Committee on Financial Services with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
JUNE 5, 2019 
Committee on the Judiciary discharged; committed to the Committee of the 
Whole House on the State of the Union and ordered to be printed 
[For text of introduced bill, see copy of bill as introduced on March 7, 2019] 
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A BILL 
To create protections for depository institutions that provide 
financial services to cannabis-related legitimate busi-
nesses and service providers for such businesses, and 
for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; PURPOSE. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Se-
cure And Fair Enforcement Banking Act of 2019’’ or the 
‘‘SAFE Banking Act of 2019’’. 
(b) PURPOSE.—The purpose of this Act is to increase 
public safety by ensuring access to financial services to can-
nabis-related legitimate businesses and service providers 
and reducing the amount of cash at such businesses. 
SEC. 2. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS. 
(a) IN GENERAL.—A Federal banking regulator may 
not— 
(1) terminate or limit the deposit insurance 
or share insurance of a depository institution 
under the Federal Deposit Insurance Act (12 
U.S.C. 1811 et seq.), the Federal Credit Union 
Act (12 U.S.C. 1751 et seq.), or take any other 
adverse action against a depository institution 
under section 8 of the Federal Deposit Insurance 
Act (12 U.S.C. 1818) solely because the deposi-
tory institution provides or has provided finan-
cial services to a cannabis-related legitimate 
business or service provider; 
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(2) prohibit, penalize, or otherwise discour-
age a depository institution from providing fi-
nancial services to a cannabis-related legitimate 
business or service provider or to a State, polit-
ical subdivision of a State, or Indian Tribe that 
exercises jurisdiction over cannabis-related legiti-
mate businesses; 
(3) recommend, incentivize, or encourage a 
depository institution not to offer financial serv-
ices to an account holder, or to downgrade or 
cancel the financial services offered to an account 
holder solely because— 
(A) the account holder is a cannabis- 
related legitimate business or service pro-
vider, or is an employee, owner, or operator 
of a cannabis-related legitimate business or 
service provider; 
(B) the account holder later becomes an 
employee, owner, or operator of a cannabis- 
related legitimate business or service pro-
vider; or 
(C) the depository institution was not 
aware that the account holder is an em-
ployee, owner, or operator of a cannabis-re-
lated legitimate business or service provider; 
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institution (or entity performing a financial 
service for or in association with a depository 
institution) from, engaging in a financial service 
for a cannabis-related legitimate business or 
service provider. 
(b) SAFE HARBOR APPLICABLE TO DE NOVO INSTITU-
TIONS.—Subsection (a) shall apply to an institution apply-
ing for a depository institution charter to the same extent 
as such subsection applies to a depository institution. 
SEC. 3. PROTECTIONS FOR ANCILLARY BUSINESSES. 
For purposes of sections 1956 and 1957 of title 18, 
United States Code, and all other provisions of Federal law, 
the proceeds from a transaction conducted by a cannabis- 
related legitimate business or service provider shall not be 
considered as proceeds from an unlawful activity solely be-
cause the transaction was conducted by a cannabis-related 
legitimate business or service provider, as applicable. 
SEC. 4. PROTECTIONS UNDER FEDERAL LAW. 
(a) IN GENERAL.—With respect to providing a finan-
cial service to a cannabis-related legitimate business or 
service provider within a State, political subdivision of a 
State, or Indian country that allows the cultivation, pro-
duction, manufacture, sale, transportation, display, dis-
pensing, distribution, or purchase of cannabis pursuant to 
a law or regulation of such State, political subdivision, or 
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Indian Tribe that has jurisdiction over the Indian country, 
as applicable, a depository institution, entity performing 
a financial service for or in association with a depository 
institution, or insurer that provides a financial service to 
a cannabis-related legitimate business or service provider, 
and the officers, directors, and employees of that depository 
institution, entity, or insurer may not be held liable pursu-
ant to any Federal law or regulation— 
(1) solely for providing such a financial service; 
or 
(2) for further investing any income derived 
from such a financial service. 
(b) PROTECTIONS FOR FEDERAL RESERVE BANKS.— 
With respect to providing a service to a depository institu-
tion that provides a financial service to a cannabis-related 
legitimate business or service provider (where such financial 
service is provided within a State, political subdivision of 
a State, or Indian country that allows the cultivation, pro-
duction, manufacture, sale, transportation, display, dis-
pensing, distribution, or purchase of cannabis pursuant to 
a law or regulation of such State, political subdivision, or 
Indian Tribe that has jurisdiction over the Indian country, 
as applicable), a Federal reserve bank, and the officers, di-
rectors, and employees of the Federal reserve bank, may not 
be held liable pursuant to any Federal law or regulation— 
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(1) solely for providing such a service; or 
(2) for further investing any income derived 
from such a service. 
(c) FORFEITURE.— 
(1) DEPOSITORY
INSTITUTIONS.—A depository 
institution that has a legal interest in the collateral 
for a loan or another financial service provided to an 
owner, employee, or operator of a cannabis-related le-
gitimate business or service provider, or to an owner 
or operator of real estate or equipment that is leased 
or sold to a cannabis-related legitimate business or 
service provider, shall not be subject to criminal, civil, 
or administrative forfeiture of that legal interest pur-
suant to any Federal law for providing such loan or 
other financial service. 
(2) FEDERAL RESERVE BANKS.—A Federal re-
serve bank that has a legal interest in the collateral 
for a loan or another financial service provided to an 
owner, employee, or operator of a depository institu-
tion that provides a financial services to a cannabis- 
related legitimate business or service provider, or to 
an owner or operator of real estate or equipment that 
is leased or sold to such a depository institution, shall 
not be subject to criminal, civil, or administrative 
forfeiture of that legal interest pursuant to any Fed-
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eral law for providing such loan or other financial 
service. 
SEC. 5. RULE OF CONSTRUCTION. 
Nothing in this Act shall require a depository institu-
tion, entity performing a financial service for or in associa-
tion with a depository institution, or insurer to provide fi-
nancial services to a cannabis-related legitimate business 
or service provider. 
SEC. 6. REQUIREMENTS FOR FILING SUSPICIOUS ACTIVITY 
REPORTS. 
Section 5318(g) of title 31, United States Code, is 
amended by adding at the end the following: 
‘‘(5) REQUIREMENTS
FOR
CANNABIS-RELATED 
LEGITIMATE BUSINESSES.— 
‘‘(A) IN GENERAL.—With respect to a fi-
nancial institution or any director, officer, em-
ployee, or agent of a financial institution that 
reports a suspicious transaction pursuant to this 
subsection, if the reason for the report relates to 
a cannabis-related legitimate business or service 
provider, the report shall comply with appro-
priate guidance issued by the Financial Crimes 
Enforcement Network. The Secretary shall ensure 
that the guidance is consistent with the purpose 
and intent of the SAFE Banking Act of 2019 
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and does not significantly inhibit the provision 
of financial services to a cannabis-related legiti-
mate business or service provider in a State, po-
litical subdivision of a State, or Indian country 
that has allowed the cultivation, production, 
manufacture, 
transportation, 
display, 
dis-
pensing, distribution, sale, or purchase of can-
nabis pursuant to law or regulation of such 
State, political subdivision, or Indian Tribe that 
has jurisdiction over the Indian country. 
‘‘(B) DEFINITIONS.—For purposes of this 
paragraph: 
‘‘(i) CANNABIS.—The term ‘cannabis’ 
has the meaning given the term ‘mari-
huana’ in section 102 of the Controlled Sub-
stances Act (21 U.S.C. 802). 
‘‘(ii) CANNABIS-RELATED
LEGITIMATE 
BUSINESS.—The term ‘cannabis-related le-
gitimate business’ has the meaning given 
that term in section 11 of the SAFE Bank-
ing Act of 2019. 
‘‘(iii) INDIAN
COUNTRY.—The term 
‘Indian country’ has the meaning given 
that term in section 1151 of title 18. 
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‘‘(iv) INDIAN
TRIBE.—The term ‘In-
dian Tribe’ has the meaning given that 
term in section 102 of the Federally Recog-
nized Indian Tribe List Act of 1994 (25 
U.S.C. 479a). 
‘‘(v) FINANCIAL
SERVICE.—The term 
‘financial service’ has the meaning given 
that term in section 11 of the SAFE Bank-
ing Act of 2019. 
‘‘(vi) SERVICE
PROVIDER.—The term 
‘service provider’ has the meaning given 
that term in section 11 of the SAFE Bank-
ing Act of 2019. 
‘‘(vii) STATE.—The term ‘State’ means 
each of the several States, the District of Co-
lumbia, Puerto Rico, and any territory or 
possession of the United States.’’. 
SEC. 7. GUIDANCE AND EXAMINATION PROCEDURES. 
Not later than 180 days after the date of enactment 
of this Act, the Financial Institutions Examination Council 
shall develop uniform guidance and examination proce-
dures for depository institutions that provide financial 
services to cannabis-related legitimate businesses and serv-
ice providers. 
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SEC. 8. ANNUAL DIVERSITY AND INCLUSION REPORT. 
The Federal banking regulators shall issue an annual 
report to Congress containing— 
(1) information and data on the availability of 
access to financial services for minority-owned and 
women-owned cannabis-related legitimate businesses; 
and 
(2) any regulatory or legislative recommenda-
tions for expanding access to financial services for 
minority-owned and women-owned cannabis-related 
legitimate businesses. 
SEC. 9. GAO STUDY ON DIVERSITY AND INCLUSION. 
(a) STUDY.—The Comptroller General of the United 
States shall carry out a study on the barriers to market-
place entry, including in the licensing process, and the ac-
cess to financial services for potential and existing minor-
ity-owned and women-owned cannabis-related legitimate 
businesses. 
(b) REPORT.—The Comptroller General shall issue a 
report to the Congress— 
(1) containing all findings and determinations 
made in carrying out the study required under sub-
section (a); and 
(2) containing any regulatory or legislative rec-
ommendations for removing barriers to marketplace 
entry, including in the licensing process, and expand-
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ing access to financial services for potential and exist-
ing minority-owned and women-owned cannabis-re-
lated legitimate businesses. 
SEC. 10. GAO STUDY ON EFFECTIVENESS OF CERTAIN RE-
PORTS ON FINDING CERTAIN PERSONS. 
Not later than 2 years after the date of the enactment 
of this Act, the Comptroller General of the United States 
shall carry out a study on the effectiveness of reports on 
suspicious transactions filed pursuant to section 5318(g) of 
title 31, United States Code, at finding individuals or orga-
nizations suspected or known to be engaged with 
transnational criminal organizations and whether any such 
engagement exists in a State, political subdivision, or In-
dian Tribe that has jurisdiction over Indian country that 
allows the cultivation, production, manufacture, sale, trans-
portation, display, dispensing, distribution, or purchase of 
cannabis. The study shall examine reports on suspicious 
transactions as follows: 
(1) During the period of 2014 until the date of 
the enactment of this Act, reports relating to mari-
juana-related businesses. 
(2) During the 1-year period after date of the en-
actment of this Act, reports relating to cannabis-re-
lated legitimate businesses. 
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SEC. 11. DEFINITIONS. 
In this Act: 
(1) BUSINESS OF INSURANCE.—The term ‘‘busi-
ness of insurance’’ has the meaning given such term 
in section 1002 of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (12 U.S.C. 5481). 
(2) CANNABIS.—The term ‘‘cannabis’’ has the 
meaning given the term ‘‘marihuana’’ in section 102 
of the Controlled Substances Act (21 U.S.C. 802). 
(3) CANNABIS PRODUCT.—The term ‘‘cannabis 
product’’ means any article which contains cannabis, 
including an article which is a concentrate, an edible, 
a tincture, a cannabis-infused product, or a topical. 
(4) 
CANNABIS-RELATED
LEGITIMATE
BUSI-
NESS.—The term ‘‘cannabis-related legitimate busi-
ness’’ means a manufacturer, producer, or any person 
or company that— 
(A) engages in any activity described in 
subparagraph (B) pursuant to a law established 
by a State or a political subdivision of a State, 
as determined by such State or political subdivi-
sion; and 
(B) participates in any business or orga-
nized activity that involves handling cannabis or 
cannabis products, including cultivating, pro-
ducing, manufacturing, selling, transporting, 
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displaying, dispensing, distributing, or pur-
chasing cannabis or cannabis products. 
(5) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means— 
(A) a depository institution as defined in 
section 3(c) of the Federal Deposit Insurance Act 
(12 U.S.C. 1813(c)); 
(B) a Federal credit union as defined in 
section 101 of the Federal Credit Union Act (12 
U.S.C. 1752); or 
(C) a State credit union as defined in sec-
tion 101 of the Federal Credit Union Act (12 
U.S.C. 1752). 
(6) FEDERAL BANKING REGULATOR.—The term 
‘‘Federal banking regulator’’ means each of the Board 
of Governors of the Federal Reserve System, the Bu-
reau of Consumer Financial Protection, the Federal 
Deposit Insurance Corporation, the Financial Crimes 
Enforcement Network, the Office of Foreign Asset 
Control, the Office of the Comptroller of the Currency, 
the National Credit Union Administration, the De-
partment of the Treasury, or any Federal agency or 
department that regulates banking or financial serv-
ices, as determined by the Secretary of the Treasury. 
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(7) FINANCIAL SERVICE.—The term ‘‘financial 
service’’— 
(A) means a financial product or service, as 
defined in section 1002 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 
U.S.C. 5481); 
(B) includes the business of insurance; 
(C) includes, whether performed directly or 
indirectly, the authorizing, processing, clearing, 
settling, billing, transferring for deposit, trans-
mitting, delivering, instructing to be delivered, 
reconciling, collecting, or otherwise effectuating 
or facilitating of payments or funds, where such 
payments or funds are made or transferred by 
any means, including by the use of credit cards, 
debit cards, other payment cards, or other access 
devices, accounts, original or substitute checks, or 
electronic funds transfers; 
(D) includes acting as a money transmit-
ting business which directly or indirectly makes 
use of a depository institution in connection 
with effectuating or facilitating a payment for a 
cannabis-related legitimate business or service 
provider in compliance with section 5330 of title 
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31, United States Code, and any applicable 
State law; and 
(E) includes acting as an armored car serv-
ice for processing and depositing with a deposi-
tory institution or the Board of Governors of the 
Federal Reserve System with respect to any 
monetary instruments (as defined under section 
1956(c)(5) of title 18, United States Code. 
(8) INDIAN COUNTRY.—The term ‘‘Indian coun-
try’’ has the meaning given that term in section 1151 
of title 18. 
(9) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 
has the meaning given that term in section 102 of the 
Federally Recognized Indian Tribe List Act of 1994 
(25 U.S.C. 479a). 
(10) INSURER.—The term ‘‘insurer’’ has the 
meaning given that term under section 313(r) of title 
31, United States Code. 
(11) MANUFACTURER.—The term ‘‘manufac-
turer’’ means a person who manufactures, compounds, 
converts, processes, prepares, or packages cannabis or 
cannabis products. 
(12) PRODUCER.—The term ‘‘producer’’ means a 
person who plants, cultivates, harvests, or in any way 
facilitates the natural growth of cannabis. 
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(13) SERVICE
PROVIDER.—The term ‘‘service 
provider’’— 
(A) means a business, organization, or other 
person that— 
(i) sells goods or services to a cannabis- 
related legitimate business; or 
(ii) provides any business services, in-
cluding the sale or lease of real or any other 
property, legal or other licensed services, or 
any other ancillary service, relating to can-
nabis; and 
(B) does not include a business, organiza-
tion, or other person that participates in any 
business or organized activity that involves han-
dling cannabis or cannabis products, including 
cultivating, producing, manufacturing, selling, 
transporting, displaying, dispensing, distrib-
uting, or purchasing cannabis or cannabis prod-
ucts. 
(14) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, Puerto 
Rico, and any territory or possession of the United 
States. 
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pamtmann on DSKBFK8HB2PROD with BILLS
Union Calendar No. 78 
116TH CONGRESS 
1ST SESSION 
H. R. 1595 
[Report No. 116–104, Part I] 
A BILL 
To create protections for depository institutions 
that provide financial services to cannabis-related 
legitimate businesses and service providers for 
such businesses, and for other purposes. 
JUNE 5, 2019 
Reported from the Committee on Financial Services with 
an amendment 
JUNE 5, 2019 
Committee on the Judiciary discharged; committed to the 
Committee of the Whole House on the State of the 
Union and ordered to be printed 
VerDate Sep 11 2014 
20:20 Jun 05, 2019
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E:\BILLS\H1595.RH
H1595
pamtmann on DSKBFK8HB2PROD with BILLS