U.S. — Sen. Jeff Merkley (D-OR), along with Sens. Elizabeth Warren (D-MA), Lisa Murkowski (R-AK), and Steve Daines (R-MT), introduced the Secure and Fair Enforcement Banking Act of 2026 on June 29, 2026. On the same day, Rep. David Joyce (R-OH) introduced companion legislation in the House, supported by seven colleagues.

The Secure and Fair Enforcement Banking Act of 2026 aims to give banks legal clarity to serve state-legal medicinal and recreational cannabis businesses. The bill would prevent federal regulations from prohibiting or discouraging banks from providing services to legal cannabis businesses or businesses that provide services to the cannabis industry. Under the act, regulators would be prohibited from terminating or limiting a bank's deposit insurance purely because it provides services to cannabis or cannabis-adjacent businesses. The legislation would also provide protections for hemp and hemp-derived cannabidiol-related businesses.

According to 2024 data from the Financial Crimes Enforcement Network, 816 banks currently serve cannabis-related businesses. Senator Merkley stated, "Legal cannabis businesses operating in all-cash is dangerous for our communities — encouraging criminal activity like robberies, money laundering, and organized crime." He added, "It's past time we ensure legal businesses can access the financial services they need to help keep their employees, their businesses, and their communities safe." Rob Nichols, President and CEO of the American Bankers Association, said, "For years, the conflict between state and federal cannabis laws has left many cannabis businesses operating in cash, creating significant public safety risks in states where it's been legalized." Nichols added that the act would "provide banks with a clear federal safe harbor, allowing them to serve state-legal businesses while increasing transparency for law enforcement and reducing risks to the public."

California became the first state to legalize cannabis for medical use in 1996. Colorado and Washington became the first states to legalize cannabis for recreational use in 2012. Currently, 22 states plus the District of Columbia have legalized cannabis for recreational use.

The foundational cannabis banking reform bill, then known as the Marijuana Business Access to Banking Act, was first introduced by Reps. Ed Perlmutter (D-CO) and Danny Heck (D-WA) in 2013. This legislation evolved into the SAFE Banking Act in 2017. The SAFE Banking Act has passed the House of Representatives seven times but has never passed the Senate.