A Senate committee chair said that a hearing on a bipartisan cannabis banking bill may be scheduled by next week. He added that lawmakers will “move fast” on the issue.
Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), told NBC News that his committee could hold an hearing on SAFE Banking Act (Secure and Fair Enforcement) as early as next week Thursday, May 11th.
The hearing has not yet been scheduled, but senators from both sides of the aisle are pushing for immediate action in response to the newly re-filed legislation by Sens. Jeff Merkley, (D-OR), and Steve Daines, (R-MT).
It’s a major announcement.
The hearings to consider the SAFE Banking Bill could begin as soon as next week.
— Julie Tsirkin May 4, 2020
The bill protects banks who work with state-legal marijuana businesses from federal regulators. The amendments to the latest version have been a source of encouragement for advocates . However, the plan is to revise the bill on the floor in order to include additional equity provisions.
Brown said recently that the delay in action was due to what he called attempts by representatives of the banking industry to use the bill as a vehicle for policy that would “weaken the bank rules.” Although it wasn’t clear what he was referring to, his concerns may have now been allayed.
Merkley tweeted Thursday that he, along with Daines, “reintroduced a bipartisan SAFE Banking Act in order to reform outdated laws which force legal cannabis businesses operate exclusively in cash – a dangerous system that places employees and communities at risks.”
He said, “We’re on the right track to an hearing and a floor vote.” “Let’s get it done!”
@SteveDaines I and I reintroduced a bipartisan SAFE Banking Act in order to reform outdated laws which force legal cannabis businesses operating exclusively with cash – a dangerous system which puts employees and community at risk. We are on the path to an hearing and a floor vote. Let’s get it done!
— Senator Jeff Merkley (@SenJeffMerkley) May 4, 2023
The SAFE Banking Act has been deemed one of the most passable cannabis bills this session, despite a divided Congress and Republicans controlling the House. Former Senate Majority Leader Chuck Schumer’s (D-NY ) top aide recently wrote an opinion piece for Marijuana Moment explaining the new political dynamics that could actually boost the bill’s chances of passing this year.
Schumer has, on his part, reiterated his commitment in advancing marijuana banking legislation, which includes criminal justice provisions. He called the effort to repair the damages of the drug war an “moral responsibility” that Congress.
Schumer stated in a Senate floor address 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.”
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The current makeup of Congress has led to some doubts about the feasibility of any cannabis reform. Senate Republicans have blocked a motion to move forward a bipartisan measure 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 the House. It’s been stuck in a rut for years, under both Democratic and Republican leaders.
Schumer stated last month that he is “disappointed,” that the SAFE Plus package, which included marijuana banking and expungements, did not advance. He said that lawmakers will “continue to work in a bipartisan manner” 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.
Rep. Earl Blumenauer, D-OR, who is sponsoring a House version of SAFE Banking Act said that he believes it’s crucial that advocates and legislators align on any incremental proposal to end the war on drugs, warning that an “all or nothing” mentality.
In recent weeks, Congress has received numerous cannabis bills in addition to the banking legislation.
Last month, bipartisan legislators in both chambers introduced legislation to give insurance companies a safe harbor if they work with state-legal marijuana businesses.
Rep. Brian Mast, R-FL, introduced legislation last week to protect Second Amendment rights for people who use marijuana legally in states. This would allow them to buy and possess firearms 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.
Last 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.
Washington Governor signs Interstate Marijuana Commerce Bill into Law
Max Pixel .
The article Key Senate Committee Chair Says Marijuana Banking Bill hearing could be held next week first appeared on Marijuana Moment.
