According to a survey commissioned by American Bankers Association, a majority of Americans — 55 percent — say they want Congress pass legislation allowing cannabis companies to access banking services in states that have legalized marijuana.
Morning Consult conducted a poll last month that asked 2,211 U.S. adult consumers their opinions about a variety of banking issues, many of which focused on consumer concerns such as overdraft charges and customer service. One question surveyed public opinion about banking reform in relation to state-legalized marijuana, which is still a priority for Senate majority leader Chuck Schumer and many other legislators.
The question is: “Do you support or disagree with Congress passing legislation that would allow cannabis businesses access to banking and financial products, such as checking accounts and business loan services, in states where marijuana is legal?”
The respondents were split into two groups: 28 percent “strongly supported” this change, and 27 percent “somewhat supported” it. Another 23 percent strongly (11%) or somewhat (12%) opposes the change. The remaining 23 percent don’t know, or have no opinion.
Via ABA
In a press announcement Rob Nichols said, “in the wake of the Senate Banking Committee’s recent vote to advance SAFER Banking Act,” “this new data shows that Americans think Congress should end the conflict between state-federal law on cannabis banking by passing this urgently necessary, bipartisan legislation which will enhance public security.”
The results show a slight drop in support compared to ABA’s poll from last year. The survey of 2022 found that 66 per cent of respondents either strongly (37%) or somewhat (29%) supported marijuana banking reform while 16 per cent either strongly (8%) or somewhat (8%) opposed it. Nineteen percent of respondents said last year that they did not know or had no opinion.
A poll conducted by the ABA in 2022 showed that 68 per cent of respondents thought Capitol Hill should act.
Independent Community Bankers of America conducted a separate poll of U.S. citizens last year and found 65 per cent support for cannabis banking reform. Majorities of Democrats (73%), Republicans (55%), and Independents (67%) were in favor of this change.
Only 13 percent of congressional employees believe that federal lawmakers will pass legislation to legalize marijuana banking this session. Staffers were asked to rate the likelihood that 11 issues would be resolved, and “banking for marijuana” was ranked third.
The staff of Democratic offices was slightly more optimistic at 18%, as compared to only 9 percent for GOP politicians.
In Congress, meanwhile, the lead GOP sponsor in the Senate of the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which would allow federally regulated banks to service the cannabis industry, said last week that a planned floor vote is on pause until he can ensure the legislation will pass the Republican-controlled House. According to a cannabis finance executive who spoke to the senator, he said that a planned floor vote is on hold until he can ensure the legislation will pass in the Republican-controlled House.
This is a significant shift from Schumer’s rhetoric, who said repeatedly that he intended to bring the legislation before the Senate Banking Committee for a vote as soon as possible.
The chances of this bill advancing in the House were questioned after Republicans gained control. The fact that Kevin McCarthy, R-CA, was removed from his position as speaker of the House in a historic vote earlier this month is a major factor contributing to current complications.
McCarthy was seen as a possible ally in the incremental marijuana reform because he voted for the legislation, even though he did not advocate broader cannabis concerns. Advocates and stakeholders are now watching to see who will replace him when the GOP conference comes to an agreement following weeks of internal division.
Senate committee’s consideration of the bill was already delayed during the summer due to partisan disagreements over a section that Republicans favored, which they claimed would prevent federal financial regulators from discriminating against industries such as firearms.
Schumer has already discussed plans to amend the bill so that it includes measures for expunging previous cannabis records and protecting firearm rights for marijuana users. Other senators like Sen. Raphael Warnock, D-GA, have proposed additional equity-centered changes. The Banking Committee’s refusal of certain of his amendments led him to become the only Democratic member who voted against the Cannabis Bill last Month.
Sen. Chuck Grassley, (R-IA), sent Schumer a letter last month to express his concern over the Senate’s “ongoing priority of legislation relaxing marijuana laws over a different measure that the GOP senator prefers to permanently ban fentanyl analogs.
Sen. Tom Cotton, R-AR, is also stirring up the pot about the cannabis banking legislation. He has a distorted interpretation of Schumer’s remarks on the floor last month regarding the plans he had to amend the bill with “criminal Justice provisions.”
Cotton said that while Schumer only mentioned amending the bill in order to include gun rights and expungements, the majority leader is looking to add provisions “allowing drug traffickers to be released from prison”.
Additionally, Sens. Pete Ricketts, John Cornyn, Ted Budd and James Lankford sent a letter recently to the Senate leadership arguing that the SAFER Banking Act will result in cannabis products with higher potency that are harmful to children and would compromise the integrity of “the United States banking system.”
The article A new poll shows that support for the Marijuana Banking Bill has declined, but 55% still want to see it passed by Congress first appeared on Marijuana Moment.
