The Senate Republican leader in favor of a marijuana banking bill would like bankers to “unleash an army” of lobbyists at Capitol Hill to help push for the passage through the Senate of reform legislation.
During Tuesday’s speech at the American Bankers Association Washington Summit, Senator Chuck Schumer (D-NY), discussed next steps in the Secure and Fair Enforcement Bank Act (SAFE) that he is working with Senate Majority Leader Chuck Schumer and other legislators.
Daines stated that he believes it is possible to pass the Senate regular order by going through the committee process.
He said, “This bill was out there for a long time.” I believe that with each year, more people are able to see the problem of forcing businesses to use all cash. This is a public safety bill and the longer that we ignore it, the worse the ground situation will be.
When Daines was asked if he believes the banking bill can garner more support than the last session, which saw nearly half the Senate sign on to it, Daines replied that it was an area where he needed help.
“I believe this is about educating people on an issue. It is not about whether or not you support legalization. The senator stated that this is not a proxy vote to support federal legalization. It’s completely unrelated. This is about solving a problem facing our financial services businesses, legal cannabis businesses,” and other ancillary sectors, such as plumbers and brokers.
He said he was “very grateful” for bankers’ support, adding that “we could unleash an entire army in this room on Capitol Hill to advocate for passage of the cannabis banking bill.”
Two speakers are added to the #ABASummit in DC next week. Senator Steve Daines, a member of @SenateBanking and co-sponsor of the #SAFEBankingAct will give his perspective on the bill and current issues facing policymakers and the banking sector.
American Bankers Association (@ABABankers March 16, 2023
“I believe it’s educative, it’s educative, it is educate. Reach out to your representatives in Congress. He said that he would connect your request and the state you live in wherever possible.
The senator encouraged the audience to request their representatives to support the SAFE Banking Act. He also urged them to build a coalition with law enforcement supporters to emphasize to lawmakers that this legislation was about public safety.
“Remember that this is the SAFE Banking bill. He said that it’s not about marijuana. It’s about safety, and trying to reduce crime that’s exploding within our communities due to too much cash.”
Daines stated that it was originally planned to reintroduce SAFE Banking Act prior to the Easter recess of the Senate. However, the timing of this has been questioned after the recent banking collapse which has distracted attention from members of the relevant jurisdiction.
The senator made these new comments the day after a coalition representing the cannabis industry sent a letter asking for swift action to be taken on bipartisan banking legislation. This legislation has passed the House multiple times, but has stalled in the Senate.
@NCIAorg @USCannabisCncl #MinCannBusAssoc@FollowNCR join forces in calling for Congress to urgently act on #SAFEBanking and addressing capital access issues for the state-legal marijuana industry. #SAFECantWait
— National Cannabis Roundtable (@FollowNCR March 21, 2023
The National Cannabis Roundtable, National Cannabis Industry Association and (NCIA), U.S. Cannabis Council and (USCC), Minority Cannabis Business Association and (MCBA), led the letter to Chairman Sherrod brown (D-OH), and Ranking Member Tim Scott.
These groups suggested that the committee “immediately schedule an hearing to discuss the lack access to banking and financial resources that is affecting the U.S. marijuana industry, and advance bipartisan legislation expeditiously in order to improve public safety as well as provide capital access for these businesses.”
ABA has advocated for banking legislation for many years. A poll released last year by ABA found that 65 percent of Americans want a solution to the problem of cannabis banking.
After the Senate failed to pass the banking bill, advocates and stakeholders from the industry have lost patience with it.
Schumer stated last week that he is still committed to moving legislation with Daines, even in a divided Congress with Republicans controlling the House.
Following last year’s election Sen. Cory Booker (D.NJ) stated that it could take “many years” for cannabis legislation to be passed if Democrats don’t get the job done during lame duck.
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In December, Rep. Patrick McHenry (R.NC), chair of the House Financial Services Committee stated that although he opposes the bank proposal, he would not stand in its path.
In January , the White House was asked where President Joe Biden stood on marijuana banking reform. Press Secretary Karine Jean Pierre stated that Congress is the final authority and there are no plans to take administrative action.
Janet Yellen, Treasury Secretary, is speaking at ABA’s summit. She stated last week during a Senate Finance Committee hearing that regulators are independently exploring solutions to the cannabis banking problem.
She stated last year that Congress had failed to pass legislation such as the SAFE Banking Act.
She stated that we had discussed it for a very lengthy and she agreed with you: It is an important issue–and an extremely frustrating one–and that we haven’t been able resolve it,” she said during a hearing in the House committee.
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The post GOP Senator Asks Bankers to ‘Unleash an Army’ of Lobbyists To Pass Marijuana Banking Bill appeared originally on Marijuana Moment.
