Senate Majority leader Chuck Schumer (D, NY) reiterates his commitment to advance marijuana banking legislation that includes criminal justice provisions. He calls the larger effort to repair the damage of the drug-war a “moral obligation” for Congress.
Schumer’s floor speech was delivered on Thursday just one day after House and Senate members of both parties re-filed the Secure & Fair Enforcement (SAFE Banking Act. He affirmed his intention to pass the bill, while working on a larger package that promotes justice for those harmed by “the war on drugs” and equity in the industry.
He said that the SAFE Banking Act ensures cannabis businesses operating in states where cannabis is legal have equal access critical banking infrastructure. This bill is geared towards helping minorities who are at a disadvantage in the cannabis business.
Schumer stated that “right now, cannabis businesses are operating on cash only, which is not fair. It exposes them too many risks, and limits their growth opportunities.” “Congress shouldn’t be holding back job growth or entrepreneurs. It should promote them.”
Watch Schumer discussing the SAFE Banking Act below:
Sens. The standalone banking bill is sponsored by Jeff Merkley and Steve Daines, along with Reps. Dave Joyce and Earl Blumenauer.
The bill, which was slightly revised from the last session, protects banks who work with cannabis businesses that are legal in their state.
The latest version makes it clear that safe harbor extends to Community Development Financial Institutions and Minority Depository Institutions that make commercial loan to minority-owned business. This is a new provision, which advocates sought last Congress.
The bill also provides mortgage loans backed by the federal government for marijuana workers, which was not included in previous versions.
Schumer stated that, while the banking fix was imperative, “the working will continue” to develop a SAFE Plus package which is expected to include language regarding cannabis expungements as well as gun rights for marijuana consumers.
The SAFE Banking Act, reintroduced in this week’s session, would provide cannabis businesses with equal access to critical banking infrastructure.
It’s my top priority to make sure it has social equity provisions that will undo the damage caused by the War on Drugs.
Chuck Schumer (@SenSchumer April 27, 2020
The majority leader stated, “I have also made it very clear that I want SAFE Banking to pass, and that it contains critical criminal justice provisions. Most importantly, it should expunge criminal records for low-level marijuana crimes.”
Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), said in a statement earlier this month that he will be tackling cannabis banking reform by himself and leaving other committees to deal with equity and criminal justice issues.
Merkley, Daines and the Senate sponsors released a statement Wednesday that discussed the prospects for SAFE Plus. They said the introduction of the standalone revised bill “puts [us] on a pathway to move through Senate Banking Committee and to get a vote in the Senate floor.” However, there will be “an opportunity to add additional regular order passed provisions” once it reaches Senate floor.
Schumer stated in his new floor speech that “we have a responsibility as members of Congress to undo all the damage done by the War on Drugs.” This has almost always affected people of colour. “I will work hard with my colleagues in order to ensure that criminal justice provisions become part of SAFE Banking once it reaches the Floor.”
He said, “I am looking forward to working with both my Democratic and Republican colleagues this Congress to make progress on SAFE Banking Plus.” “I hope that this will lead to more bipartisan collaboration on future cannabis legislation.”
To pass any reform this session, lawmakers are expected to focus their efforts on smaller marijuana reforms, such as the banking bill, rather than a broader legalization centered around justice.
A vote on Wednesday in the Senate has raised concerns about the feasibility of any modest cannabis reform under the current makeup of Congress. Senate Republicans have blocked a motion to advance bipartisan legislation that would require studies on the medical potential for cannabis to help veterans suffering from chronic pain or PTSD.
In recent years, the SAFE Banking Act was approved in a largely bipartisan manner in some form in the House. It’s been stuck in the Senate for years, under both Democratic leadership and Republican leadership.
Advocates had expected that this legislation would come from the Senate, but it seems that lawmakers have decided to begin with a bipartisan push.
The Senate Majority leader Chuck Schumer, D-NY, said last week that he is “disappointed,” that the SAFE Plus package, which he worked on in last year, did not advance. He said that lawmakers will “continue to work in a multipartisan way” 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.
Booker acknowledged that the failure to pass a banking solution for the cannabis industry would “literally” mean that hundreds of businesses will go out of business.
Blumenauer, who last week filed a bill to allow marijuana businesses to claim federal tax deductions, stated at a press conference that it is important for advocates and legislators to align on any incremental proposal to end the war on drugs, cautioning against an “all or nothing” mentality.
In recent weeks there have been several cannabis reform proposals, especially in the run-up to last week’s 4/20 holiday.
Bipartisan legislators in both chambers, for example, reintroduced a bill on Thursday that would give insurance companies a safe harbour if they work with cannabis businesses licensed by the state.
Rep. Brian Mast, R-FL, introduced legislation last Thursday to protect Second Amendment rights for people who use marijuana legally in states. This would allow them to buy and possess firearms which they are currently prohibited to have under federal law.
Reps. Dave Joyce, R-OH and Alexandria Ocasio Cortez, D-NY have introduced a bill that would provide federal grants to encourage state and local marijuana expulsions.
In the beginning of this month, Joyce, along with House Minority Leader Hakeem Jeffreys (D-NY), filed a bill to help prepare the federal government to legalize marijuana. The measure directed the Attorney General to create a commission that would study cannabis and make recommendations on how to regulate it in a similar way to alcohol.
On the House side, Rep. Nancy Mace (R-SC) said she recently made a deal with Speaker Kevin McCarthy (R-CA), who agreed to hold a committee debate and vote on her yet-to-be-reintroduced marijuana legalization bill as one condition of her support for his legislation to raise the debt ceiling.
Politicians And Government Agencies Mark 4/20 As Marijuana Legalization Movement Expands
The original Marijuana moment article Schumer Applauds Marijuana Bank Bill but Says Adding Justiciable Provisions is a ‘Moral Responsibilty’ first appeared.
