Senate Majority leader Chuck Schumer (D) told Marijuana Moment that a bipartisan marijuana banking legislation remains a “very top priority” in the Senate. Members are currently having “very fruitful” bicameral discussions to reach an agreement.
Jeff Merkley, the Democratic Senate sponsor and the Secure and Fair Enforcement Regulation Banking Act (SAFER Banking Act) sponsor, also told Marijuana Moment the legislation “gains momentum” and that lawmakers are working to bring it before the Senate and pass it this year.
Schumer reiterated that he is committed to the task. He said at a Democratic Leadership Briefing on Wednesday he aims to pass by the time of the elections this year.
After the briefing, he said to Marijuana Moment: “SAFER Banking has a high priority. We’re in very productive discussions with the House about an agreement that could pass both chambers.”
The SAFER Banking Act is a major step in helping cannabis businesses.
And we must pass it along with provisions to expunge records for cannabis offenses like HOPE and GRAM.https://t.co/H6oNZACN21
Chuck Schumer 6th March 2024
The Senate Banking Committee approved the bill in September. Since then, the bill has been put on hold as Congress works to pass funding measures for various government agencies, and to address other priorities. The House passed a package on spending bills that included cannabis provisions, such as protecting medical marijuana programs against federal interference. The Senate is expected vote soon before the Friday midnight deadline of the current continuing measure.
The disagreements over the non-cannabis provisions, which are mainly those in Section 10, of the legislation, have also kept the bill from being brought to the floor.
Recent reports indicate that the negotiations are nearing a conclusion. Merkley, who is the chief sponsor of the bill, reiterated this sentiment in a Marijuana Moment statement.
“Passing SAFER Banking Act is a priority for me.” He said that small businesses needed access to financial services to give them security and to stop the cannabis cash economy, which is dangerous to our communities. “Our bipartisan legislation is gaining momentum, and I continue to work with the leadership and other Senators to make this happen this year.”
The Senate majority leader’s recent comments about productive bicameral discussions “pretty well sums it all up,” his office told Marijuana Moment.
Rep. Earl Blumenauer, founding member of the Cannabis Caucus and a member of the House of Representatives, told Marijuana Moment it is “not too late” for Congress to stop the unjust and insane denial of bank services to state-legal marijuana businesses.
This legislation should be a layup. “We are close to achieving our goal, which is an excellent signal for the American people,” said he.
Schumer stated in a speech on the floor of the 118th Congress that the lawmakers would “hit ground running” by 2024. He aimed to build upon bipartisan progress in several key areas, such as marijuana banking reform, though he acknowledged it “wouldn’t be easy.”
Last week, Sen. Maria Cantwell (D-WA), became the 36th member to sign on to the SAFER Banking Act in addition to being its lead sponsor.
It’s likely that the SAFER Banking Act will be amended if it makes it to the Senate floor in this year. Schumer, for example, has talked about the “moral obligation” to further amend it to include provisions on state-legal marijuana expungements and guns rights for cannabis users.
He said he remains “hopeful” that a data-google-interstitial=”false” href=”https://www.marijuanamoment.net/former-congressman-behind-marijuana-banking-bill-discusses-new-lobbying-work-and-offers-rescheduling-predictions/” rel=”noopener”, target=”_blank”>there He expressed “hope” that the momentum and time are there to pass this measure.
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The post Schumer Touts “Very Productive” Marijuana Banking Talks with House, And Top sponsor Says Bill Has “Momentum” To Pass This Year’ first appeared on Marijuana Minute.
