16 Governors Urge Congress to Pass the SAFE Banking Act. What It Would Change, and What It Means for Texas

AUSTIN, Texas | November 14, 2026 Sixteen governors asked Congress this week to pass the Secure and Fair Enforcement (SAFE) Banking Act, which would let banks serve state-legal cannabis businesses without federal penalty. The letter, sent Monday, Nov. 9, to House and Senate leaders, was led by Maryland Gov. Wes Moore, who chairs the National Governors Association. All 16 signers are Democrats. Texas is not among them, but the state’s three licensed medical cannabis operators face the same cash-heavy business model the letter describes.

What the Governors Asked For

The governors wrote that passing SAFE Banking would “enable state-sanctioned cannabis businesses to access core banking services and transition their cash-based operations into regulated institutions that support accountable oversight and enable lawful commerce.” They argued it would “protect public safety, increase revenues, and improve transparency in our states.”

The letter points to the cash problem directly. “State-sanctioned cannabis businesses largely operate in cash,” it says, which denies them “business loans, payroll systems, and credit processing” and makes them “targets for robbery and violent crime.” The governors also said state agencies struggle to deposit cannabis tax payments and process licensing fees because the money remains federally illegal.

The letter cites the Trump administration’s move to reschedule marijuana. That April order moved state-licensed medical cannabis to Schedule III, as we have reported, but rescheduling does not by itself give cannabis businesses access to banks. That still takes an act of Congress or clear regulator guidance.

Who Signed

Maryland Gov. Wes Moore led the letter. The other signers, per Marijuana Moment’s report of the letter, are the governors of:

In a post on X, Moore said legal cannabis businesses in states like Maryland “still run mostly on cash,” which “makes them targets for robbery and puts workers, customers, and the surrounding community at risk.” He called the bill “a practical, bipartisan fix.”

What SAFE Banking Would Do

• Protect banks and credit unions from federal penalties for serving state-licensed cannabis businesses.
• Open basic services such as checking accounts, payroll, loans and card processing to those businesses.
• Leave federal scheduling alone. The governors stressed that the bill works within the current federal classification of cannabis.

The bill would not legalize cannabis, allow interstate sales or change any state’s rules.

Why It Keeps Stalling, and Who Else Is Pushing

Pressure has come from several directions. Last year a bipartisan group of 32 state and territory attorneys general urged Congress to pass the bill. The American Bankers Association sent its own letter of support in July. In September, a Government Accountability Office report found no sign that any bank had been penalized solely for serving cannabis businesses, but said perceived regulatory risk keeps financial services hard to get. Our GAO report breakdown covers those findings.

The politics may shift in January. Democrats won control of both chambers of Congress in the Nov. 3 midterms, according to an ArentFox Schiff analysis of unofficial results. A new majority could change which cannabis bills get hearings. It does not guarantee a vote. Our midterm results roundup has the details.

What It Means for Texas

Texas Gov. Greg Abbott is not on the letter, and Texas has not legalized adult-use cannabis. The state’s three licensed medical operators under the Compassionate Use Program still face the federal banking gap the letter describes. Patients in Texas also pay for medical cannabis out of pocket, as our price comparison shows, and card access depends on what each operator’s bank or processor allows.

Texas hemp retailers are in a different position. Hemp products are not covered by SAFE Banking’s cannabis provisions in the same way, and the federal hemp definition changes on Dec. 11. Our Dec. 11 explainer covers what that means for shops.