LANSING—Michigan Attorney General Dana Nessel has joined a bipartisan coalition of attorneys general urging Congress to pass the SAFER Banking Act of 2025.
In a letter sent to congressional leaders, the coalition calls for clear federal guidelines that would allow banks and financial institutions to serve cannabis businesses operating legally under state law, the Sault Tribe Guardian reported.
The group argues the legislation would improve public safety, enhance tax collection, and strengthen regulatory oversight. Nessel also voiced support for similar legislation in 2023.
“By reducing the risk of crime and improving tax compliance through access to regulated financial services, the SAFER Banking Act has the ability to enhance both public safety and transparency,” Nessel said. “With billions in revenue, giving cannabis businesses a secure place to bank isn’t just smart policy – it’s common sense.”
The coalition underscores that the SAFER Banking Act would neither promote cannabis legalization in states that prohibit it nor alter cannabis’s status under federal law. Rather, the bill establishes a narrowly tailored safe harbor, allowing banks and credit unions to serve cannabis-related businesses operating in states with established regulatory frameworks, the Sault Tribe Guardian reported.
According to the letter, integrating cannabis commerce into the regulated banking system would enhance oversight by law enforcement, tax authorities, and state regulators. It would also streamline tax compliance and enforcement by enabling transparent tracking of financial transactions—ultimately leading to increased tax revenue and improved regulatory control.
The coalition emphasizes that the SAFER Banking Act is a practical, bipartisan solution that respects both state sovereignty and the existing federal stance on cannabis. By allowing cannabis-related funds to enter the regulated banking system, the legislation directly addresses the public policy and safety challenges created by the current federal prohibition.
Bringing cash-based cannabis businesses into the financial mainstream would enhance transparency for regulators and law enforcement, the attorneys general note. They conclude that the measure would not only improve public safety in states where cannabis is legal but also support economic growth and financial stability within those jurisdictions.
Joining Attorney General Nessel in filing the letter are the attorneys general of Maryland, Ohio, Georgia, the District of Columbia, Alaska, American Samoa, Arizona, California, Colorado, Connecticut, Delaware, Hawai’i, Illinois, Maine, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Northern Mariana Islands, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, U.S. Virgin Islands, Utah, Vermont, Washington, and West Virginia.