Senate Majority leader Chuck Schumer (DNY) reiterates his commitment to advance marijuana banking reform when the chamber returns from its August recess.
Schumer, in a speech Tuesday on the floor of the Senate, discussed legislative priorities for weeks and months to come. He said that this includes “making significant progress on cannabis”, through the Secure and Fair Enforcement Banking Act (SAFE).
He stressed, however, that “we have no illusions that we will make progress in the Senate floor without bipartisan cooperation.” This includes marijuana reform as well as other priorities like lowering the price of diabetes and competing with China on the global economic stage.
He said that “none of this is going to be easy.” The bills will take a lot more work and compromise. If we make progress on these issues, it will improve the lives for average Americans.
Watch Schumer discussing marijuana banking issues and other legislative concerns in the video below.
He said: “Finding a bipartisan compromise is not easy. But it’s necessary to move forward. And our efforts have already resulted in significant achievements under this majority.” “As soon as we givel back in, the American people’s trust in us will continue to be rewarded.”
In a Dear Colleague note that was sent by the majority leader, he made similar points. He listed “safeguarding marijuana banking” after “lowering insulin and prescription drug costs.”
Next, the Senate Banking Committee will mark up the bill. Advocates and stakeholders are hoping that this can be done within a few weeks.
The U.S. Department of Health and Human Services is now recommending marijuana be moved from Schedule I into Schedule III of Controlled Substances Act. This move would, amongst other things, allow state-licensed cannabis business to claim federal tax deductions.
Schumer referred to the SAFE Banking Act in July as a top priority in his separate Dear Colleague Letter that outlined the summer agenda. However, efforts to move the bill forward were stymied at the time due to disagreements between senators about a section relating to broader banking regulations.
Schumer, at a late-July press conference before the lawmakers went on recess, said that Senators were “making progress” in bipartisan discussions about the legislation, and predicted a “very productive fall in Senate.”
He said that the bill was “always a top priority” for him. “There’s lots to do once we return.”
The SAFE Banking Act currently has 42 sponsors, which is nearly half the Senate. Eight Republicans and three Independents are also on board. The reform has a bipartisan nature, as earlier versions have been passed by the House several times. The issue is Section 10 which some Democrats feel would undermine bank regulations and want to remove or amend.
Republicans, however, have stated that they do not support this option. It’s not clear if there was any progress made during the recess in reaching an agreement to allow the bill to pass through the Senate Banking Committee.
Insiders claim that the measure, in its current form as a stand-alone, has enough Republican support to pass the Senate with 60 votes.
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Sherrod Daines (R) and Sherrod Daines (D) of the Senate Banking Committee, who are the main co-sponsors of the SAFE Banking Act, sparred about the next steps in the lead up to the August recess. 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.
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.”
Schumer also talked with a cannabis business leader earlier this summer , after being approached by the entrepreneur at an unrelated function. According to the entrepreneur, Schumer is “confident” that the cannabis banking bill will pass.
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.
Sen. Jacky Rose (D-NV), has said that she wants the SAFE Banking Act passed with an amendment to allow cannabis businesses to have access to federal Small Business Administration services (SBA).
The legislators will continue “to work in a bipartisan manner” in order to accomplish the task.
Sen. Cory Booker, (D-NJ), said that lawmakers were working on “reviving” the Cannabis Reform Package. He acknowledged that the failure to advance an industry banking fix “literally means hundreds of businesses will go out of business.”
Rep. Earl Blumenauer, D-OR, who is the lead Democratic sponsor for the House version SAFE Banking Act in April, stated at a media briefing that he believes it’s crucial that advocates and legislators align on any incremental proposal to end the war on drugs, cautioning against an “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.
Colorado Gov. Jared Polis, a Democrat, said separately in a Tuesday letter to Joe Biden that he should support the congressional push for marijuana bank reform at a time when the Drug Enforcement Administration is reviewing cannabis scheduling following a rescheduling recommendations from the federal health agency.
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The post Schumer Says Senate will be’making progress’ on Marijuana Banking In Floor Speech On Priorities first appeared on Marijuana Moment.
