Majority Of Americans Say Marijuana Banking Bill Would Promote Public Safety And Help Underserved Communities,
Financial Association Poll Finds
Published on May 2, 2024By Kyle Jaeger
A strong majority of Americans agree that passing a marijuana banking bill would improve public safety, according to a new poll commissioned by Independent Community Bankers of America (ICBA).
The survey, conducted by Morning Consult, found that 64 percent of Americans feel the provisions of the Secure and Fair Enforcement Regulation (SAFER) Banking Act to allow cannabis businesses to access the banking system will “help improve public safety.”
A second question in the poll noted that some cannabis-related businesses are owned and led by people of color, women and members of the LGBTQ community, asking respondents whether “opening the banking system to cannabis-related businesses would help these underserved communities.” Fifty-four percent agreed.
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As Senate leadership works to advance the legislation, which cleared committee last September, the ICBA poll that was released last week underscores that the proposal enjoys sizable public support.
ICBA has long advocated for the bipartisan cannabis banking legislation and commissioned several polls consistently demonstrating its popularity. The association’s president, Rebeca Romero Rainey, said in a press release that this latest survey featuring questions on cannabis banking and other policies of concern for the association shows that “Americans from coast to coast support our views on key policy issues.”
“With polling conducted by Morning Consult showing Americans understand the importance of these issues in ensuring continued access to locally based banking, ICBA is proud to continue helping community banks advocate in Washington and power the potential of local communities nationwide,” she said.
The polling is consistent with findings from a separate American Bankers Association (ABA) survey released last month that found 63 percent of Americans back cannabis businesses banking access, compared to just 17 percent who are opposed.
A prior ABA survey, in 2022, found 66 percent of people either strongly (37 percent) or somewhat (29 percent) supported marijuana banking reform, while 16 percent either strongly (8 percent) or somewhat (8 percent) opposed it. Nineteen percent of respondents last year said they didn’t know or didn’t have an opinion.
A separate ABA poll earlier in 2022 found that 68 percent of respondents felt Capitol Hill should act.
ICBA, meanwhile, also hosted a summit in Washington, D.C. this week, where House Financial Services Committee Chairman Vice Chair French Hill (R-AR) discussed ongoing bipartisan collaboration on a cryptocurrency regulations bill that certain lawmakers, including Senate Majority Leader Chuck Schumer (D-NY), hope will be merged with the SAFER Banking Act.
Hill said last week that he’d support a hybrid marijuana banking and cryptocurrency bill, saying “our country will benefit” if both reforms are enacted.
There have also been talks about attaching both measures to a must-pass Federal Aviation Administration (FAA) reauthorization bill. But those plans are meeting some opposition, with a Senate aide telling Marijuana Moment on Monday that Republican leadership is proactively opposing that possibility.
A spokesperson for Senate Minority Leader Mitch McConnell (R-KY) separately told Marijuana Moment that the senator, who is considered a legislative gatekeeper in the GOP caucus, “continues to oppose marijuana banking.” House Speaker Mike Johnson (R-LA) is also reportedly against the move to attach cannabis banking to the aviation legislation.
