WATCH LIVE: Senate Banking Committee meets to discuss SAFER Banking Act

The Senate Banking Committee is meeting at 9:30 a.m. to pass the SAFER Banking Act, which would change the financial regulations for banks that serve marijuana businesses.

Though marijuana is legal in many states, federal regulations still prosecute banks and credit unions that deal with marijuana businesses. That’s because marijuana is classified as a Schedule 1 substance, which are drugs with no currently accepted medical use and a high potential for abuse, according to the Drug Enforcement Administration.

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The bill was co-written by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), and it serves as a revamped version of the Secure and Fair Enforcement Banking Act.