State & Federal Developments
- This week the Governor signed a bill, S.9152 (Sanders) / A.9804 (Jean-Pierre), extending the State’s Banking Development District (BDD) program until 2029. NYBA strongly supported the bill during the last legislative session.
- The House of Representatives has once again passed the SAFE Banking Act. This time, the measure, which would enable financial institutions to serve legitimate cannabis businesses in states where it is legal, was included in the 2023 National Defense Authorization Act. The House has passed the NYBA-supported SAFE Banking Act several times before, where it meets opposition in the Senate. Senate Majority Leader Chuck Schumer (D-NY) and Senator Cory Booker (D-NJ) introduced the Cannabis Administration and Opportunity Act, a comprehensive bill to decriminalize, regulate and tax cannabis.
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