In a letter sent to his colleagues, Chuck Schumer, the Democratic leader in the Senate, said that passing a marijuana banking law is a top priority for the summer session. However, it will “not be easy” to pass and requires GOP support, he added.
Schumer’s letter released on Sunday states that lawmakers are first focusing on passing defense and appropriations legislation that must be passed. He said, however, that Democrats will “continue our work with Republican colleagues in order to advance legislation across a variety of policy areas”.
This includes “making progress” on bipartisan legislation, such as one that “safeguards cannabis banking”, which already received a hearing before the Senate Banking Committee back in May. Advocates hope that this bill will be put to a vote by that panel later this month.
Schumer stated that “passing these bills won’t be easy and we’ll need the cooperation of our Republican counterparts to get them passed.” “I commend our committees and caucus on their continued efforts to bring positive and meaningful change in the lives and livelihoods of everyday Americans,” Schumer said.
The majority leader said that the Secure and Fair Enforcement Banking Act (SAFE) was a priority. He usually added that it needed to be amended so that language regarding expunging previous cannabis convictions could be included. The majority leader declined to reiterate that point in his new letter.
A spokesperson for the Republican lead sponsor of the SAFE Banking Act told Marijuana Moment that the office is “open” about including the additional reform provision. However, he warned Democrats not to significantly expand the bill’s scope as it could undermine GOP support. Insiders claim that the bill, in its current state, has the support of enough Republicans to pass the Senate.
Senate Democrats will work together in order to strengthen our democracy and confirm the highly qualified nominees of President Biden. pic.twitter.com/OS0awwvZji
Chuck Schumer July 9, 2020
Schumer stated that “our agenda is ambitious, and we face a difficult battle on multiple fronts.” It is my sincere hope that we can find consensus with our Republican colleagues and create a way forward. But if that isn’t possible, then we should pursue all other options to advance programs that protect and expand America’s middle class.
Members of the Senate Banking Committee are still debating section 10 of the marijuana legislation. Certain Democrats, such as Sen. Jack Reed, D-RI, have expressed concern about this, arguing it would undermine banking regulations in the cannabis industry.
Sen. Steve Daines, R-MT, the GOP sponsor of SAFE Banking Act said that the members are “not quite there” yet on a final agreement, but “continuing the discussions.”
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” in the chances of passing the cannabis bank bill.
In his letter, he also noted that the measure will need Republican support to get it through. Key GOP members, such as Senate Minority leader Mitch McConnell of Kentucky, have also previously been obstacles to incremental reform.
Schumer said that the Senate would need to finish its work first on the National Defense Authorization Act before moving to the other bipartisan legislation.
Both sides of the House have submitted a number of amendments relating to drug policy reform to the version of NDAA that was passed by the chamber. These include provisions to increase access to medical cannabis for veterans, to facilitate the rescheduling certain psychedelics and to protect people against being denied security clearances because of marijuana.
Separately the Senate Appropriations Committee released a recent report for a budget bill which calls on VA for medical marijuana access to veterans and explores the therapeutic potential for psychedelics.
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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.
Last month, Sen. Tommy Tuberville (R-AL), said that he was 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 last month he wanted to vote on it in “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.
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 a 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 an “all or nothing” mentality.
The American Bankers Association (ABA), which also renewed its call for passage, did the same. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
Berkeley City Council to vote on Psychedelics resolution this week
The post Schumer Says It Won’t Be Easy To Pass Marijuana Bank Bill And He Needs GOP Support As He Sets Up Agenda For Summer first appeared on Marijuana Minute.
