A Majority of Voters Support the Provisions of the SAFE Banking Act
By Suhan Kacholia
The SAFE Banking Act is a proposed bill that would enable marijuana-related businesses to more easily access banking services and loans. Because marijuana remains federally controlled, legitimate marijuana-related businesses are subject to criminal prosecution — even in states where the substance is legalized. Locked out of the financial system, marijuana-related businesses rely heavily on cash, leaving them vulnerable to theft and violent crime. The bipartisan SAFE Banking Act would amend this situation, preventing federal regulators from penalizing financial institutions that provide services to marijuana-related businesses. Having passed the House of Representatives, the bill now awaits Senate approval.
As of 2022, 21 states, two territories, and the District of Columbia have legalized marijuana for recreational use. However, the Drug Enforcement Administration still classifies marijuana as a Schedule I drug, banning it at the federal level. According to a November 2022 national survey by Data For Progress, voters support ending the federal ban on marijuana by a +50-point margin. This proposal garners bipartisan approval, with 81 percent of Democrats, 76 percent of Independents, and 65 percent of Republicans in support. A majority of Democrats (56 percent) say they “strongly support” ending the federal marijuana ban.
According to the ACLU, between 2001 and 2010, the U.S. federal government arrested 8.2 million Americans for marijuana possession, with Black Americans disproportionately likely to be targeted for arrests. A prior marijuana conviction presents a major barrier to accessing future employment opportunities, student loans, and federal housing. Expunging such records for nonviolent offenders would allow such individuals to rebuild their lives.
By a +52-point margin, voters overwhelmingly support expunging marijuana-related convictions for nonviolent offenses. Again, there is bipartisan consensus: Nearly all Democrats (85 percent), 74 percent of Independents, and 63 percent of Republicans support expunging nonviolent marijuana offenses. Support is especially strong among Democrats, 59 percent of whom say they “strongly support” expunging such convictions.
The SAFE Banking Act would allow marijuana-related businesses to access the financial system, federal public benefits, and federally backed loans, and voters support these major provisions of the bill. By a +65-point margin, voters support ensuring that banks do not discriminate against legitimate marijuana-related businesses, and by a +57-point margin, voters support ensuring those businesses access to U.S. financial systems.
Voters also support ensuring that workers in marijuana-related businesses receive the same access to federal benefits as others. Roughly 3 in 4 voters (72 percent) support ensuring that workers in marijuana-related businesses are not barred from federal public benefits for which they are eligible. Similar levels of support exist for ensuring marijuana business workers have access to federally backed housing loans (73 percent) and ensuring that people are not locked out of federally assisted housing where marijuana is legal (72 percent).
The SAFE Banking Act is popular among voters from both parties, and represents a major step toward repairing the damages caused by the War on Drugs. Legitimate marijuana businesses deserve access to financial institutions and federal benefits — just like any other business. By passing the SAFE Banking Act, Congress can increase public safety, benefit the economy, and promote economic and racial justice.
Suhan Kacholia (@SuhanKacholia1) is an intern at Data for Progress.