Lawmakers, advocates, and stakeholders from all sides of the political spectrum have reacted to Wednesday’s Committee passage of the bipartisan marijuana banking legislation. Senate Majority leader Chuck Schumer (DNY) has pledged to bring the bill to the floor of the Senate “very soon”, while a group consisting of four GOP Senators has vowed to kill it.
Schumer promised to “bring the bill as soon as possible” before the Senate Banking Committee voted on the Secure and Fair Enforcement Regulation Banking Act (SAFER).
He said: “Our SAFER Banking Act connects cannabis businesses to traditional financial resources such as bank accounts and small-business loans. This will create a safer, more transparent environment in which the industry can grow, particularly those that are located in underserved and minority communities.” “Now is time to act.”
On the night before the vote, however Sen. Pete Ricketts, (R-NE), led a letter that was sent to the leadership arguing that the reform would lead to the cannabis industry producing more potent products, which would be harmful for youth and compromise the “integrity of the United States Banking System.”
The SAFER Banking Act will increase
for marijuana products with higher THC potency. It is NOT safe. It’s not safe. https://t.co/yKX5yHfAaU
— Senator Pete Ricketts 26 September 2023
The Republican legislators wrote that the bill which is now headed to the floor “would do absolutely nothing to address public safety threats inherent in the existence of marijuana shops.”
The SAFER Banking Act has been marketed as a simple banking solution. The senators stated that the SAFER Banking Act is a flawed legislation with complex and wide-ranging consequences. “We will continue to oppose liberalizing drug laws, and we will fight against the SAFER Banking Act in order to protect our children from dangerous policies which would lead to increased marijuana use,” they wrote.
The letter was also signed Sens. John Cornyn, Ted Budd and James Lankford are all Republicans from Texas.
The opposition of 10 Democratic Senators comes after the introduction of the revised SAFER Banking Act last week. This brings the total of 22 cosponsors, or nearly one-fourth the Senate. The bill has been overwhelmingly praised by lawmakers of all parties, even though some have pushed for further changes.
After the committee vote on Wednesday, Sen. Jeff Merkley, the main Democratic sponsor of the Bill, addressed the audience and congratulated the chairman “on his work on a complex topic that shouldn’t be so complicated.”
Today is the big day! @SenateBanking votes on the SAFER Banking Act, a major step towards finally passing the bill, and ensuring that all legal cannabis businesses have access to the standard financial services needed to keep their employees and businesses safe, as well as the communities they serve.
— Senator Jeff Merkley (@SenJeffMerkley) September 27, 2023
He praised the measure for its various provisions, and said that he would want to see it changed on the floor in order to include legislation to facilitate cannabis expunctions and protect gun rights of marijuana consumers as Senate Majority leader Chuck Schumer (DNY) had pledged to do.
In a statement released on Wednesday, Reps. Earl Blumenauer and Dave Joyce, co-chairs and primary sponsors of a House companion version that was previously filed by the Congressional Cannabis Caucus (and the two are also the co-chairs), said the legislation “will save lives and livelihoods.”
They said that “the overwhelming majority of Americans reside in a state in which cannabis is legal, in some form or another.” It is a matter of common sense, and a matter of public security that these legitimate cannabis companies have access to standard bank services. We applaud Senate for today’s committee voting.”
The bill passed by the committee was rewritten during the markup, mainly to correct technical errors. However, lawmakers have said they will continue to amend the bill, especially in regards to provisions relating to banking regulations, which Republicans want to use as a tool to stop discriminatory enforcement of laws against certain industries, such as the firearms industry.
Sen. Cynthia Lummis, R-WY–who introduced a bill with Sen. Steve Daines, R-MT–last week to prevent federal marijuana rescheduling if Congress does not approve– said Punchbowl Tuesday that the banking measures are “still under negotiations” and she expects “the negotiation will continue after the vote.”
The Drug Policy Alliance, Cannabis Regulators Of Color Coalition (CRCC), and Parabola Center, sent a letter on Wednesday to the committee leaders, urging them to make further changes to the bill to ensure that it is “equity centered, justice oriented, and designed to promote equity and to address past inequities as well as prevent future inequities.”
We have joined @DrugPolicyOrg, and @CRC_Coalition in continuing to push for reforms to SAFE (r), so that the most harmed community isn’t denied access to financial service. We are neutral about the bill, and we hope that it will improve.
Our letter: https://t.co/ixERI6XXWL
Parabola Center September 27, 2020
The groups wrote. “By acknowledging our progress and clearly identifying the issues that remain, we hope to continue working with Congress and other stakeholder to ensure equity is at the center of marijuana reform policy and thank the continued efforts of advocacy organizations as well as policymakers to make sure that marijuana banking reforms are fair.”
Other advocates and stakeholders react to the committee’s vote.
NORML
Morgan Fox, NORML’s Political Director, said that the bipartisan bill was an improved version of SAFE Banking Act. It allows state-licensed marijuana businesses to access financial services more easily, including opening a simple account at a bank. It also gives entrepreneurs greater access to loans and other services available to other legal cannabis businesses.
He said that the lack of financial services for marijuana businesses poses serious risks to cannabis users and employees. It also limits transparency and accountability in the legal industry and makes it difficult for small businesses to compete with large, well-funded businesses and those on the underground market.
National Cannabis Roundtable
“Today’s actions are not only historic, but they also come at a time when it is more urgently required to help the regulated marijuana industry in 38 States compete with the growing threat from an illicit market which poses a great risk to public safety and the safety of consumers,” said Saphira Galoob, Executive Director for the NCR.
She said, “We’re encouraged to see that this bill has received broad bipartisan support and look forward to its momentum building as it advances to the Senate Floor, and then to the House which previously passed the bill – finally getting this important measure signed into law in this Congress.”
U.S. Cannabis Council
David Culver, USCC SVP for Public Affairs, said that today’s Senate Banking Committee vote marks the first time cannabis banking reform was passed by a Senate Committee. This is a crucial step in securing access to banking for the $30+ billion licensed marijuana industry that supports over 400,000 jobs full-time across the country.
The Senate Banking Committee voted today. This is the first time cannabis banking reforms have been approved by a Senate Committee. This is a crucial step towards securing access to banking for the licensed cannabis industry in the US, which supports over 400k jobs.
US Cannabis Council (@USCannabisCncl). 27 September 2023
The Senate has not passed SAFE Banking Act in the past. SAFE was not progressing through the regular order. “With today’s votes, this obstacle is now history,” he said. The updated SAFER Banking Act, as it stands or as part of a bigger package, is in a good position to pass on the Senate floor. Our focus will be on this.”
BOWL PAC
The Founder of BOWL PAC Justin Strekal said to Marijuana Moment that “we all do better when everyone does better.” With today’s passage by the SAFE Banking Act and the tenacious fight of Senators Schumer, Booker, and others to make sure that the HOPE Act would be voted on as an amendment, when the bill reaches the floor, there is a great opportunity to advance modest criminal and industry legal reforms.
Disclosure: Strekal is a supporter of Marijuana Moment through a pledge per month on Patreon.
National Cannabis Industry Association
Aaron Smith, CEO of NCIA, said: “The committee’s unanimous approval of the SAFER Banking Act gives hope to thousands compliant and tax-paying business desperately trying to gain access to the basic financial services that other businesses take as granted.” This bipartisan bill has the potential of saving lives and helping small businesses. It’s time Congress gets it to the President’s desk as soon as possible.
Teamsters
In a letter sent to the committee leaders by Sean O’Brien last week, which was widely promoted on Wednesday, he said that “as Congress works to set up the necessary guardrails for cannabis legalization the interests of the workers in terms of labor and safety must be paramount.” The passage of SAFER banking can improve working conditions and ease operational burdens on employers throughout the country.
The article Schumer Promises to Bring Committee-Passed Marijuana Bank BIll to Floor ‘Very soon’ as GOP Senators Vow to Kill It first appeared on Marijuana moment.
