Senate Majority leader Chuck Schumer (D) said that the bipartisan committee’s vote on Wednesday to advance a marijuana bank bill “underscores the momentum we have at the moment” because he plans to introduce the legislation “soon”, and attach “very important criminal justice provisions.”
Schumer, in his floor speech Thursday, said that he was “really proud” of the bipartisan agreement we reached ahead of the Senate Banking Committee’s markup of the Secure and Fair Enforcement Regulation Banking Act (SAFER), which passed with a vote of 14-9.
He said: “The next step will be to put SAFER Banking up for a vote. I will do that soon.” “I have worked hard and long for years to bring us to this point. Now the Senate is one crucial step closer to helping cannabis businesses to operate more efficiently, safely, and transparently in states that allow the sale of cannabis.”
Schumer stated that “SAFER Banking’s bipartisan voting in the Banking Committee shows how much momentum is being generated right now for cannabis banking, and how important this issue is to so many community members and business owners across the nation.” Schumer said that “no industry can thrive without basic banking infrastructure. This is especially true for an industry as young and growing as the cannabis sector.”
The majority leader reaffirmed that he would attach criminal justice reform provisions into the legislation. He didn’t say anything specific and said that he would “talk about it at a future time”. However, he has previously mentioned adding measures to encourage state-level cannabis expulsions and protect gun rights of marijuana consumers.
“Cannabis should always be about promoting entrepreneurs, small businesses and job growth. SAFER Banking is going to do exactly that in the cannabis sector,” he said. He added that it would “connect cannabis business with resources such as bank accounts and small-business loans, creating a more safe and transparent environment where they can grow.”
He said: “When I come to the floor we will also add very important criminal justice provisions to this bill, and that’s also important.”
The revised bill is not well received by all lawmakers. Some are even questioning if it will make it to Congress.
Raphael Warnock, a member the Banking Committee in the Senate of Georgia, submitted two amendments to the bill on Wednesday. The amendments were meant to strengthen the equity provisions. They were not adopted and the senator voted against the bill.
Warnock stated in an X message on Wednesday that the bill “SAFER Banking” only benefits the banks & businesses who have illegally profited from cannabis for many years. Meanwhile, regular people are jailed for selling or using cannabis.
The “SAFER Banking Bill” only benefits bankers and businesses that have illegally profited from cannabis for many years. Meanwhile, regular people are locked up for selling or using cannabis.
Watch my full remarks from @SenateBanking
pic.twitter.com/1pnZFx1ovI
Senator Reverend Raphael Warnock September 27th, 2023
Bill Hagerty, R-TN, also offered an amendment which was rejected because it did not pertain to the committee. The amendment would have added civil penalties to marijuana operators who are involved in illegal fentanyl or methamphetamine trade.
This is a real concern. Hagerty told that there is a loophole to the law. I’m surprised that this Committee would allow this to go through. This is a support for the sale of fentanyl, methamphetamine and other drugs. This is a simple fix. “I’m stunned at the results here.”
reported that Sen. Mike Rounds, R-SD, another Banking Committee Member who voted against this bill told Politico: “I do not think this legislation will leave the Senate.” I don’t believe this bill has legs at all.
Sen. John Cornyn, R-TX, who opposes cannabis reform, criticised the Democratic majority because they focused on the cannabis banking bill.
In a recent post on X, he stated that “as Congress tries to avoid the #SchumerShutdown,” this was his top priority. He said it is now time for Congress pass legislation allowing banks and credit unions the opportunity to work with the legal marijuana industry.
Chuck Schumer, Senate Majority leader, says that as Congress tries to avoid #SchumerShutdown this is his top priority. He wants Congress to pass legislation allowing banks and credit unions the opportunity to work with the legal marijuana industry. @BGOV
Senator John Cornyn 27 September 2023 HTML0
Other lawmakers in Congress, and top state officials are optimistic about the bill’s future, saying that it is needed from a public safety and financial perspective.
Kevin Cramer, R-ND, said that the inability for state-legalized marijuana businesses to access banking is dangerous. “My grandkids lemonade stand can operate as a cash only business, but that is not appropriate for a controversial industry.”
It is dangerous that state-legalized marijuana businesses cannot access banking services. It’s fine to run a lemonade stand with cash only, but not for an industry as controversial. pic.twitter.com/UEm9lmqaDs
— Sen. Kevin Cramer (@SenKevinCramer) September 27, 2023
Jacky Rosen, D-NV, said that the SAFER Banking Act would help “correct this wrong” because “outdated federal laws continue to prevent industry access to fundamental services such as banking and insurance.”
Although NV regulates the cannabis industry, outdated federal laws continue to prevent access to basic services such as banking and insurance.
Our bipartisan bill that will correct this injustice has advanced out of the committee. pic.twitter.com/bB0e6DXnWW
— Senator Jacky Rose (@SenJackyRosen 27 September 2023
Governors and other top officials at the state level also praise the committee vote for advancing the cannabis legislation.
Washington State Gov. Jay Inslee, a Democrat from Washington State, said marijuana businesses “deserve” to be secure and safe. He emphasized why Congress needs to pass the SAFER Banking Act now.
Cannabis businesses should be secure and safe. We need Congress to pass #SAFERBankingAct immediately. This bipartisan legislation allows cannabis businesses access to the financial services that they need to operate legally and safely. It’s time. https://t.co/kSokrbMlLU
Governor Jay Inslee 27 September 2023 HTML0
Colorado Gov. Jared Polis, (D), said that the legislation will “provide more certainty to our cannabis small businesses.”
I am delighted that the Senate finally took up this important piece legislation which will give more certainty to small businesses operating in the cannabis sector. I want to thank all the Senators that voted for this bipartisan legislation. https://t.co/EwOvJxX4LP pic.twitter.com/xItN1TwyHZ
— Governor Jared Polis September 28th, 2023
Before the committee’s markup, a coalition of 22 attorneys general from both parties also called on Congress to pass a marijuana banking reform bill .
House Approves Psychedelic and Marijuana Labeling Amendments
The post Schumer Touts ‘Momentum Bipartisan’ Behind Marijuana Bank Bill That He Planned To Bring To The Floor “Soon” With More Criminal Justice Provisions first appeared on Marijuana moment.
