Senate Majority leader Chuck Schumer (D, NY) has highlighted marijuana banking reform as one of his key legislative priorities. He intends to use bipartisan cooperation next month when the Senate reconvenes. The Republican sponsoring the cannabis bill says that now is the best time to complete the task. However, he cautions that the passage of the legislation could be compromised if Democrats decide to expand its scope.
The majority leader focused his efforts in the first half of the year on confirming President Joe Biden’s judicial nominees and fighting off GOP-led legislation to roll back regulations. In an interview published by Politico on Tuesday, Schumer revealed that he is preparing to push for the second act in 2023. This will include a major push to pass bipartisan legislation like the Secure and Fair Enforcement Banking Act.
The bill by Sens. Last month, Jeff Merkeley and Steve Daines received a first hearing before the Senate Banking Committee. It is expected that a markup will take place soon, perhaps as early as next month after senators return from their Independence Day recess.
Schumer spoke recently with a cannabis business leader , who approached him during an unrelated event in this month. According to the entrepreneur, Schumer is “confident” that the marijuana banking bill will pass. Observers believe that the key question is whether Democratic legislators will try to make the bill unpalatable for their Republican counterparts.
Schumer must secure nine GOP senators for the bill to pass in his chamber. (Assuming there are no Democratic defectors). Certain senators have indicated recently that they can reach the 60-vote requirement on the SAFE Banking Act. Daines, the Republican who sponsored the SAFE Banking Act , told Politico this was the “best chance that we’ve ever had” to pass the SAFE Banking Act in the current Congress.
He said that Schumer had worked hard to ensure that the SAFE Banking Bill was all that it should be. He warned that bipartisanship could be undermined by Democratic senators who want to broaden the scope of the SAFE Banking bill.
This compliment is particularly noteworthy, given that Daines is the chair of the National Republican Senatorial Committee. The NRSC’s mission is to reclaim majority for the GOP following next year’s elections.
Schumer described the Harnessing Opportunity by Pursuing Expungement Act (HOPE Act) as a “critical” measure to add as an amendment to the Banking Bill. This act would encourage states to ease clemency to people with previous cannabis convictions.
Don Murphy is the director of government relations at the Marijuana Leadership Campaign. He told Marijuana Moment, in a telephone interview, on Tuesday, that the SAFE+HOPE combination was a deal done with bipartisan support.
He said, “I believe that HOPE is part the Republican calculus.” “I believe it’s baked in the cake of negotiations.” The Democrats were given something to support in the house to alleviate any problems they might have.
If the Senate is to pass the marijuana banking bill, it will be difficult if the Democratic members insist on a larger package of social justice provisions. This would probably spell the end for the GOP-controlled House. Murphy said the bill’s chances would be significantly diminished if senators tried to remove a portion of the measure that was flagged by some Democrats, like Sen. Jack Reed . They were concerned that it could inadvertently undermine bank regulations.
He said: “The Republicans that I have spoken to about Section 10–it’s not a start.” “If they get stripped out of that, they’re going.”
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The SAFE Banking Act is yet to receive a committee review, but lawmakers on both sides of the aisle have indicated that they are ready to vote for its passage, so long as there aren’t any major disagreements or problems along the way.
Justin Strekal of BOWL-PAC told Marijuana Moment a bipartisan agreement attaching expungements to SAFE Banking was feasible and “it is my hope that all stakeholders will unify to support it.”
He said: “Now is the right time for the movement ‘to take the W’, then leverage that momentum into comprehensive legislation which protects consumers and addresses past harms while creating equitable business opportunities.”
Disclosure: Strekal is a supporter of Marijuana Moment through a pledge per month on Patreon.
Last week, Sen. Tommy Tuberville (R-AL), said that he is a “yes”. He doubts the Democratic leadership’s ability to deliver on their promise.
Democrats are likely to contest this characterization. Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), said in an interview earlier this month that he wanted to vote on it within “the next two or three week.”
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.
Last month, a major cannabis lobbying company apologized for sending a letter with “inappropriate references about investments from China as part of a “misguided” attempt to push for legislation expansion.
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 (ABA), which also renewed its call to pass the legislation, did the same. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
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Photo by Philip Steffan.
The post Schumer Touts Marijuana Bank Bill as Bipartisan Priority and Republican Sponsor is Optimistic So Long As Measure Isn’t Expanded first appeared on Marijuana Moment.
