Next week, a key Senate committee will hold a hearing on a bipartisan marijuana bank bill.
The Senate Banking Committee is scheduled to discuss the Secure and Fair Enforcement Banking Act (SAFE Banking Act) on Thursday, 11 May at a session titled “Examining Cannabis Banking challenges of small businesses and workers.”
Sherrod Brown, chairman of the committee, told reporters hours before the hearing that senators would “move swiftly” to the legislation proposed by Sens. Jeff Merkley, (D-OR), and Steve Daines, (R-MT).
Both senators are listed as witnesses in the description of this event which follows an executive session on unrelated issues.
The scheduling a hearing comes at a time when senators from both sides of the aisle are pushing for urgent action to the standalone measure.
The SAFE Banking Act protects banks who work with state-legal marijuana businesses from being penalized. 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”. It is not clear what Brown meant, but it appears that his concerns have now been addressed.
Merkley tweeted Thursday that he, along with Daines, “reintroduced a bipartisan SAFE Banking Act in order to reform outdated laws which force legal cannabis businesses operate exclusively in cash – a dangerous system which puts employees and communities into danger.”
He said, “We’re on the right track to an hearing and a floor vote.” “Let’s get it done!”
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.”
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 the Senate for years, under both Democratic leadership and Republican leadership.
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.
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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 exclusions.
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.
Texas Senate Leader Blocks Democrat’s Attempt To Let Voters Decide On Marijuana Legalization
The article Key Senate Committee Schedules Officially Hearing on Marijuana Banking bill for Next Week first appeared on Marijuana Moment.
