Republican senators are stepping up their efforts to stop marijuana banking legislation. One member wrote a letter criticizing the legislative priorities of Senate Majority leader Chuck Schumer (DNY), and another made misleading claims regarding planned amendments to bill.
While Secure and Fair Enforcement Regulation Banking Act was passed by the Senate Banking Committee with bipartisan approval on Wednesday, the long-standing prohibitionists within the chamber have expressed their opposition in various ways.
Sen. Chuck Grassley, R-IA, sent a letter on Thursday to Schumer to express his concern over the Senate’s “continuing prioritization of legislation relaxing marijuana law” over a measure that the GOP senator supports to permanently ban fentanyl analogs. He also attached 11 letters from the families of those who have died from opioid overdoses and expressed support for fentanyl laws.
Grassley wrote: “Instead, of addressing the crisis, it appears that the Senate is turning its attention towards legislation designed to facilitate the flow of marijuana money throughout the financial system and to allow Wall Street access to invest billions in this industry.”
The senator stated that the U.S. Department of Health and Human Services has instructed the Drug Enforcement Administration to move cannabis to Schedule III of Controlled Substances Act. He said that the Senate had not taken into consideration the interaction between the SAFE Banking Act and reclassification.
The letter also referred to recently released data by the Financial Crimes Enforcement Network, which found that a record-breaking number of banks are reporting that they service cannabis businesses.
Grassley argued that “many of these service request occurred in California. A state which serves as a warning tale for marijuana legalization.” California’s marijuana legalization “triggered an illegal cannabis surge on a scale never seen before” and criminal enterprises operated with impunity.
Schumer recently urged supporters to push federal marijuana legalization through a campaign email, but neither the SAFER Banking Act or a Schedule III Reclassification would legalize cannabis federally.
“Congress must develop tools that will dismantle violent crimes, fentanyl networks and cartels.” Grassley concludes his letter by saying that you’re advancing legislation – now titled the SAFER Banking Act’ – which could provide criminals with resources to increase their influence. “I was disappointed to learn of your plans to “bring the SAFER Banking Act” to the Senate Floor with all due urgency. I urge you to abandon this plan and focus on the worthwhile cause of [Fentanyl Related Substances] schedule. As always, I am eager to work with both my Democrat colleagues and Republican counterparts to stop the fentanyl crisis.
Sen. Tom Cotton, R-AR, is also stirring up the pot about the cannabis banking legislation, with a distorted interpretation of Schumer’s remarks on the floor Thursday regarding his plan to amend the bill with “criminal Justice provisions.”
Cotton stated that Schumer is interested in adding provisions to the bill “allowing drug traffickers to be released from prison”.
The number of drug overdoses is at an all-time high. A large amount of marijuana trafficking goes to the same cartels that send fentanyl into the U.S.
Tom Cotton (@SenTomCotton 28 September 2023
Schumer’s leniency won’t benefit low-level criminals accused of marijuana possession. “There are virtually no federal prisoners,” he stated. “These are repeat offenders who have committed other crimes.”
Republicans should not be part of Democratic efforts to increase crime.
Tom Cotton (@SenTomCotton 28 September 2023
Although Schumer promised to bring the SAFER Banking Act quickly to the floor of the House, no date has been set and no amendments have been filed.
The majority leader had talked about attaching to the bill the bipartisan Harnessing Opportunity by Pursuing Expungement Act (HOPE), which he repeated in a Tweet about two hours following Cotton’s post. However, the standalone bill that was filed this session wouldn’t involve releasing anyone from prison. Cotton’s statement about “federal prison” is unclear because the bill targets state and local records.
The @SenateBanking Committee has passed our SAFER Banking Act.
This will connect cannabis businesses with resources such as bank accounts and create a safer and more transparent environment.
When we get to the floor we will add the HOPE Act, which exempts nonviolent marijuana offenses.
Chuck Schumer (@SenSchumer 28 September 2023
Cotton’s office was contacted by Marijuana Moment for clarification but no representatives were immediately available.
Grassley Cotton and other hard-line Republicans are not the only ones to criticize recent marijuana reforms.
Sens. Pete Ricketts, John Cornyn, Ted Budd and James Lankford sent a letter on Tuesday to the Senate leadership arguing that the SAFER Banking Act will result in cannabis products with higher potencies that are harmful to children and would compromise the integrity of “the United States banking system.”
Separately, Sens. Cynthia Lummis, R-WY), and Steve Daines, R-MT, the leading GOP sponsors of the marijuana banking legislation filed legislation last Thursday that would prohibit federal agencies from rescheduling Cannabis without tacit consent from Congress.
Insiders say that despite the opposition of Senate drug warriors to the SAFER Banking Act, the current version has enough bipartisan support to pass the entire chamber when it is put up for a full vote. The amendments Schumer committed to pursue — on expungements, gun rights and other issues — generally enjoy bipartisan support.
A bipartisan coalition of attorneys general from 22 states is calling on Congress to also pass the Cannabis Banking Reform.
Read Grassley’s Letter to Schumer about the SAFER Banking Act:
Photo by Philip Steffan.
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