According to an entrepreneur in the cannabis industry who recently spoke to lawmakers, Senate Majority leader Chuck Schumer (DNY) was “confident” that Congress would be able pass a bipartisan bill on marijuana banking this session. Other Democratic senators echoed his confidence.
Schumer, after speaking at a conference on higher education, was approached by Wanda James, CEO of Colorado-based cannabis firm Simply Pure. Wanda James became the first Black woman to own a licensed dispensary in the United States in 2009.
James said in a telephone interview with Marijuana Moment on Tuesday that she had spoken with the majority leader regarding the Secure and Fair Enforcement Banking Act (SAFE). She expressed how Black entrepreneurs are generally supportive of the incremental change to allow banks and credit unions the opportunity to work with state licensed cannabis businesses.
Democrats! Let’s do #SAFEBanking! @SenSchumer Small business owners who are Black and in the cannabis industry need you to do this. We count on you. @SenatorBennet @SenatorHick pic.twitter.com/8IkYyJGSKy
Wanda L. James 20th June 2023
James said that Schumer seemed “confident” about the marijuana bill , which was first heard in the Senate Banking Committee last year, advancing and being enacted this coming year. James stressed that their brief conversation with the majority leader wasn’t a formal meeting with him or his staff.
Schumer said in the discussion there was enough Republican support to pass SAFE Banking in its current form to the House.
“From the brief conversation I had with Senator Schumer,” and separate discussions with Sens. James told John Hickenlooper and Michael Bennet, both Democrats from Colorado, during their trip to Washington D.C.: “I believe that our Democratic Leadership believes this is something that we can accomplish.”
Marijuana Moment contacted Schumer’s Office for comment but no representative was immediately available.
There may be different opinions among lawmakers, advocates, and stakeholders about the final product. Schumer, for instance, might push for expungements when the bill reaches the floor, while certain industry representatives would advocate for an expansion of financial protections overall. James was told by key senators that something can be achieved, even if it means incrementally.
Last night I spoke with SenSchumer and he felt confident that we would get SafeBanking completed. @SenatorHick, and @SenatorBennet also felt that we would get it done. I had a long discussion with @RepPerlmutter. He dispelled all the negative talking points regarding this Bill. @m4mmunited @Gia_Vm
Wanda L. James 15 June 2023 HTML0
Some equity-focused activists have taken a sceptical or hostile stance towards SAFE Banking. The measure is expected to be marked up by a committee within the next few weeks. They argue that it wouldn’t be appropriate to pass this industry-focused measure before broader reforms in justice.
James and other business owners who are in the cannabis industry share the view that legalization in its entirety is the “endgame.” However, she said that the majority of Black operators she knows in the sector support modest financial reforms in the interim.
“I’d be delighted to see more progress on this.” “Make no mistake, first and foremost we must finish basic banking,” she said. She added that her personal bank account was recently closed due to her involvement with the marijuana industry.
James stated that it had nothing to do except the fact I am a CEO for a cannabis company.
Don’t screw this up, Democrats. Without banking, no business can survive. This includes the POCs already working in the industry.
SAFE Banking Has 10 Republicans Votes Needed For Passage, According To Cannabis Industry Insider @TheDalesReport https://t.co/lnGLNy0RIQWanda L. James 20th June 2023
The SAFE Banking Act is yet to receive a committee review, but lawmakers on both sides of the aisle have indicated that they are ready to vote for its passage, as long as there aren’t any major disagreements or obstacles.
Sen. Tommy Tuberville (R-AL), for instance, said last week he was a “yes” to the legislation. He doubts the Democratic leadership’s ability to deliver on their promise this year.
Democrats are likely to contest this characterization. Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), said in an interview earlier this month that he wanted to vote on it within “the next two or three week.”
In its current form, the measure protects banks, credit unions and depository institutions from being penalized for working with cannabis businesses licensed by state regulators.
Schumer and other lawmakers have discussed plans to amend legislation currently on the floor to adopt “critical” criminal-justice provisions, such as expungements of prior marijuana convictions. They also called for a broader effort by Congress to repair the damage caused by the drug war.
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Uncertain if the members of the committee will make any changes to the bill at the markup. However, at least one Democratic Senator on the panel has already indicated that he wants to make some modifications to the banking provisions.
Some consumer groups and Sen. Jack Reed, D-RI have expressed concern that section 10 of the bill may inadvertently limit the ability of the regulators to take action against those who abuse banking services.
Brown said he was concerned that banking representatives would try to “weaken” bank rules or “undermine” regulation.
Other people have suggested other changes they would like to see included in the cannabis bill, such as expanding protections for marijuana industry access all forms of financial service, including representative on major U.S. Stock Exchanges.
Other advocates have criticized the request, saying that it would be inappropriate to assist businesses at a time when efforts to legalize cannabis in Congress are stalled.
Last month, a major cannabis lobbying company apologized for sending a letter to the Senate Banking Committee’s leadership regarding the Banking Bill . The letter contained “inappropriate references about investments from China as a “misguided” attempt to push for amendements expanding the legislation.
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).
The legislators 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 trying to “resurrect the cannabis reform package. He acknowledged that the failure to progress a banking solution for the industry would “literally mean that hundreds of companies 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 also renewed its call recently for the passage the legislation. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
Wisconsin Gov. Signs Bill with GOP Provision Blocking local Marijuana legalization Advisory Question
Photo by Mike Latimer.
The post Schumer is ‘Confident” Marijuana Bank Bill Will Pass this Session According to Cannabis Entrepreneur who Spoke To Majority leader first appeared on Marijuana Moment.
