Senate Majority leader Chuck Schumer (DNY) took the floor again to emphasize the “critical” nature of adding criminal justice reforms such as expungements into a bipartisan marijuana bank bill.
Schumer, in a speech on recent legislative achievements, noted that the Secure and Fair Enforcement Banking Act (SAFE) was reintroduced, which “would enable cannabis businesses to have access to critical banking infrastructure.”
“Just last Thursday, [the Senate Banking Committee] had its first hearing about this legislation,” he stated. “I will also make sure that SAFE Banking includes critical criminal justice provisions.”
Watch Schumer discussing the marijuana banking bill below:
The majority leader has stated that he will include additional language, such as expungements legislation when the bill reaches the floor.
Schumer called Congress’ “moral obligation” to undertake a broader effort in order to repair the damage caused by the war on drugs .
He said that he would like to schedule a vote in the committee “in the near-future”, so that members could discuss the proposed additions. Sherrod Brown, the chairman of the Banking Committee (D-OH), said that Senators were planning to “move swiftly” with regard to SAFE Banking Act.
Advocates and stakeholders don’t agree on the exact language they would like to include in the banking bill.
One coalition, for example, sent a letter on Thursday to the committee leadership calling for a broadening of the bill’s protections in order to allow cannabis industry access to U.S. major stock exchanges. This request has been met with some criticism by other advocates who claim that it would be inappropriate to help businesses at a time when efforts to legalize pot are stalled in Congress.
Jacky Rosen, a Nevada senator, said recently that the SAFE Banking Act should be passed with an amendment to allow cannabis businesses access to federal Small Business Administration services (SBA).
Schumer stated last month that he is “disappointed,” that the so-called SAFE Plus cannabis reform package did not advance last year. He added that “we were close,” but that “we ran into resistance in the last moment.” He also said that lawmakers will “continue to work in a bipartisan manner” in order to accomplish the task.
In the first months of the new Congress, the majority leader has met with Democratic members and Republican members to discuss marijuana reform proposals which might be able to garner bipartisan support this year.
Sen. Cory Booker, D-NJ, said that lawmakers are working to “resurrect the cannabis reform package. He acknowledged that the failure to advance an industry banking solution “literally” means hundreds of businesses will go out of business.
Rep. Earl Blumenauer, D-OR, who is the lead sponsor of the House’s version of the SAFE Banking Act said that it was important for advocates and legislators to align on any incremental proposal to end the war on drugs, cautioning against an “all or nothing” mentality.
The American Bankers Association (ABA), which also renewed its call for the passage the legislation, has done the same. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
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