The Republican Senator says the Senate Majority leader Chuck Schumer (D-NY), plan to tackle marijuana banking legislation and other bills during the summer sessions is not going to happen. This is because the timeline makes it virtually impossible for the top Democrat to accomplish his “wishlist”.
On Monday, Senator John Cornyn (R – TX) stated that he had been “interested” to read Dear Colleague letter from the majority leader on Sunday. The letter listed the legislative priorities and topics he would like to address during the working period before the August recess.
Cornyn stated that Schumer had expressed his desire to advance bills on drug pricing, fentanyl and rail safety reforms, marijuana banking as well as China competition, artificial intelligent, and other topics within the next three week. “Now, let’s be clear: I don’t believe the majority leader believes that we will produce legislation in these fields.”
The senator replied, “Maybe this is a wishlist.” It is wishful thinking, however, to think that the U.S. Senate will be able address all these items in the next 10 working days.
Schumer acknowledged in his letter that achieving his goals would be “not easy”, and emphasized the importance of GOP cooperation in the process. He did indicate that he believes that cannabis banking reform is achievable, even with the tight deadline.
Cornyn raised a potential problem with the plan of the majority leader, however. Cornyn , who prevented a cannabis research bill aimed at veterans from being brought to the floor in the past, had also blocked the move last year. He questioned whether Schumer had “pre-vetted” the bills with the Republican-controlled House or inquired with the White House about whether the president would sign the legislation.
“That’s how we do it here.” It’s not performance art. It’s not show business. It’s about the business of the people and passing legislation in an admittedly challenging process,” he said. We are in this situation because we waited so long to address important legislation. The Democratic-controlled Senate has been downright sleepy for the last six months. “I have no reason to believe that this letter or this wish list will bring about a miraculous change.”
He stressed that the Senate’s limited time must be used to deal with other priorities, such as defense, agriculture and appropriations. Schumer stated in his letter that defense and appropriations legislation were at the top.
The Senate Banking Committee, is where the Secure and Fair Enforcement Banking Act was heard in May and will soon be marked up.
The SAFE Banking Act, as it is currently drafted, has enough support to be passed by the entire chamber. If it does make it to the floor, it will be interesting to see if Democratic members are willing and able expand the bill in a manner that could compromise bipartisanship.
The majority leader did not mention that Schumer had repeatedly stated that he intended to attach a floor amendment to allow for expungements of cannabis convictions. A staffer at Marijuana Moment said that the GOP sponsor is “open” to this revision.
—
Marijuana Moment tracks more than 1,000 cannabis and drug policy bills that have been introduced in state legislatures, and Congress. Patreon supporters who pledge at least $25/month gain access to our interactive charts, maps and hearing calendar.
Discover more about our marijuana bills tracker. Become a Patreon supporter to gain access.
—
Members of the Senate Banking Committee are still debating section 10 of the marijuana legislation. Certain Democrats, such as Sen. Jack Reed, D-RI, have expressed concern about this, arguing it would undermine banking regulations in the cannabis industry.
Steve Daines, the Republican sponsor of SAFE Banking Act and the Republican sponsor for the SAFE Banking Act said that the members are “not quite there” yet on a final agreement, but they “continue discussions.”
Schumer also recently spoke with an entrepreneur from the cannabis industry, who approached him last month at a non-related event. According to the entrepreneur, Schumer is “confident” that the cannabis banking bill will pass.
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, so long as there aren’t any major disagreements or problems along the way.
Last month, Sen. Tommy Tuberville (R-AL), said that he supports the bill. He doubts the Democratic leadership’s ability to deliver on their promise.
Democrats are likely to contest this characterization. Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), said last month that he wanted to vote on it in “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.
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.
In May, 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 (ABA), which also renewed its call for passage, did the same. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
Maryland Announces $40 million program to help marijuana social equity businesses open shop
The post GOP Sen. Schumer Says Schumer’s Plan to Pass Marijuana Banking Act This Summer is ‘Wishful thinking’ first appeared on Marijuana Moment.
