According to a Republican member of the Senate Banking Committee, senators “probably” found a “sweet spot” during negotiations on a bipartisan marijuana banking legislation, where they agreed to keep a section that Republicans favored “as it is.”
Details about the revised bill have been slowly emerging as the panel prepares for a markup next week of the Secure and Fair Enforcement Banking Act (SAFE). Sen. Kevin Cramer, R-ND, told Politico that a final sticking point appears to be resolved. A deal was reached to maintain a section dealing broadly with banking regulations as Republicans had insisted.
He said the lack of substantive amendments to the bill “demonstrates that we have been at this for a while and probably found the sweet spot when passing a piece legislation.”
stated that Sen. Jack Reed, D-RI, who is also a member of the Banking Committee, raised concerns before about this provision. added that the senators “have talked extensively about Section 10 and we have made some progress.” He did not specify how much progress was made.
He said, “I believe we’ve solved most of the issues that we had. I hope we did so we can pass it through the committee with a solid vote.”
The committee is scheduled to vote on SAFE Banking Act September 27. Time is running out for any further changes to the bill. The Senate spent their August recess working on it. Members returned to the committee generally optimistic.
This includes Senate Banking Committee Chair Sherrod Brown, (D) OH, Senate Majority leader Chuck Schumer (D), and Sen. Steve Daines(R), the primary GOP sponsor. Marijuana Moment contacted each office for clarification on a Section 10 agreement, but no representatives were immediately available.
A number of senators, stakeholders and cannabis industry representatives have discussed the changes they would like to see regarding Small Business Administration (SBA), access and stock-uplisting.
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Schumer and other lawmakers have discussed plans to amend legislation currently on the floor to adopt “critical” criminal-justice provisions, such as expungements of prior marijuana convictions. They also called for a broader effort to repair harms caused by the drug war to be a “moral obligation” for Congress.
Daines’ spokesperson told Marijuana Moment that the senator is “open” about including the additional reform provision. However, he warned Democrats not to expand the bill’s scope significantly in a manner that would jeopardize GOP backing. Insiders claim that the bill, in its current form and as a stand-alone measure, has the Republican support needed to pass the Senate.
A coalition of 35 cannabis associations, drug policy reform organizations and a leading national labor union on Tuesday called for Congress to address “the humanitarian toll” of robberies that target cash-intensive marijuana businesses, by passing the SAFE Banking Act this year.
In July, the American Trade Association for Cannabis and Hemp, along with other trade groups representing marijuana business in 16 states and Washington, D.C., sent a letter to Brown and Banking Committee ranking member Tim Scott (R-SC), imploring them to pass the cannabis banking legislation “without further delay.”
The American Bankers Association (ABA), too, reiterated its call for passage. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
Colorado Gov. Jared Polis, a Democrat, said separately in a letter sent to President Joe Biden recently that he should support the congressional push for marijuana bank reform at the same time the Drug Enforcement Administration begins its review of the cannabis schedule after receiving a rescheduling recommendations from the top federal agency.
Trade Associations, Advocacy Groups, And Labor Unions Push Congress to Pass Marijuana Banking Bill “This Year” For Worker Safety
Photo by Chris Wallis // Side Pocket Images.
The post Marijuana Moment : Bipartisan Lawmakers Find “Sweet Spot” for Marijuana Bank Bill, with Section Favored by GOP Kept “Intact” For Committee Vote next Week first appeared on Marijuana.
