Though a number of states have moved to legalize marijuana, it remains illegal under federal law. Increased marijuana usage has been shown in numerous studies to have deleterious effects on families and communities.
The SAFER Banking Act seeks to protect banking institutions who provide financial services to cannabis-related businesses, allowing U.S. banks to work with marijana businesses without the threat of fines or penalties. Because of this, the SAFER Banking Act would further encourage the growth of the already debilitating drug epidemic that sweeps our nation.
This legislation nearly became law in the 117th Congress, and the ERLC will continue to oppose it and any other efforts toward federal marijuana legalization that may arise in this new Congress. Additionally, in 2023 the Biden administration began the process to reschedule marijuana from a Schedule I drug to a Schedule III drug under the Controlled Substances Act. This move would significantly loosen restrictions on marijuana, taking significant steps toward full legalization.
The ERLC will continue to oppose these efforts to expand the availability of marijuana in our communities.
A letter was sent to leadership of the Drug Enforcement Administration on October 20, 2023.
