Senate Majority leader Chuck Schumer (DNY) said lawmakers were “making good progress” on bipartisan negotiations for a marijuana banking law, and that advancing the bill would be a top priority in what he expects to be “a very, very productive Fall in the Senate.”
Schumer, at a Thursday press conference focusing on the National Defense Authorization Act, (NDAA), previewed his fall plans after the lawmakers return from their August recess. He mentioned the Secure and Fair Enforcement Banking Act (SAFE Banking Act) twice on a list that included issues top lawmakers were working on.
He said, “We are making good progress with SAFE Banking. This has, as you may know, always been my priority.” “There’s lots to do once we return.”
Prior to this, the majority leader had said that he would tackle cannabis banking reform in the summer session. The summer session has ended without any action. Senators are still debating a section of the bill, which some Democrats would like to change or remove while Republicans want to keep it.
Schumer stated, “We’re working hard on a lot of things. We’ve been working diligently to [legislative priority] during this period–including $35 in insulin, where we are making great progress bipartisanly, as well as the rail bill, where we are making progress. “We are making progress on a lot of these and I believe you will find that the fall is going to be very, very productive in the Senate.”
He said, “We are close to a few.” “You don’t always get a handshake at the end.” We have agreed on the idea for a few.
A lobbyist said that earlier this week, after a brief conversation with Schumer, the majority leader had told him “we’re on it” in relation to the SAFE Banking Act.
To make progress on the bill, senators must reach an agreement over the Section 10 dispute. Democrats, like Sen. Jack Reed of RI, have pushed to revise or eliminate the section. They argue that it will undermine banking regulations. Republicans, however, consider that a “non starter.”
In recent weeks, Sherrod Daines (R) and Sherrod Daines (D) of the Senate Banking Committee have sparred about next steps. Brown insists that Daines must secure more GOP sponsors, but Daines says that Republicans are ready to pass the bill as agreed upon.
Daines also warned against trying to expand the measure to include social justice reforms, which progressives would love to add. However, his office told Marijuana Moment that the senator was “open” about adding the expungements language as proposed by Schumer.
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Last week, the American Trade Association for Cannabis and Hemp, along with other trade groups representing marijuana businesses from 16 states and Washington D.C., sent a letter to Brown and Banking Committee ranking member Tim Scott (R-SC), urging them to “pass the cannabis banking legislation without further delay.”
Schumer also recently spoke to a cannabis industry leader, who approached him last month at an event unrelated. According to the entrepreneur, Schumer is “confident” that the cannabis banking bill will pass.
Sen. Tommy Tuberville, R-AL, for his part said last month he is a “yes”. He doubts the Democratic leadership’s ability to deliver on their promise.
In its current form, the measure protects banks, credit unions and depository institutions from being penalized for working with cannabis businesses licensed by state regulators.
Other people have suggested other changes they would like to see included in the cannabis bill, such as expanding protections for marijuana industry access all forms of financial service, including representative on major U.S. Stock Exchanges.
Other advocates have criticized the request, saying that it would be inappropriate to assist businesses at a time when efforts to legalize cannabis in Congress are stalled.
In May, a major cannabis lobbying company apologized for sending a letter to the Senate Banking Committee’s leadership regarding the Banking Bill . The letter contained “inappropriate references about investments from China as a “misguided” attempt to push for amendements expanding the legislation.
Jacky Rosen, a Nevada senator, said recently that the SAFE Banking Act should be passed with an amendment to allow cannabis businesses access to federal Small Business Administration services (SBA).
The legislators 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.
Sen. Cory Booker, D-NJ, said that lawmakers are trying to “resurrect the cannabis reform package. He acknowledged that the failure to progress a banking solution for the industry would “literally mean that hundreds of companies go out of business.”
Rep. Earl Blumenauer, D-OR, who is the lead sponsor of the House’s version of the SAFE Banking Act said that it was important for advocates and legislators to align on any incremental proposal to end the war on drugs, cautioning against a “all or nothing” mentality.
The American Bankers Association also renewed its call recently for the passage the legislation. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
This month marks the 10th anniversary of the first version, now called the SAFE Banking Act.
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The post Schumer Touts “Good Progress” On Marijuana Banking Bill Saying That It Has Always Been A Priority To Me first appeared on Marijuana Moment.
