After an initial hearing held on Thursday , Senate Majority leader Chuck Schumer (D) announced that a committee vote will be held “in the near term”. He also reiterated his plans to include criminal justice reform measures in the financial services bill.
Schumer stated in a speech Thursday night that the Senate Banking Committee’s meeting was a “big move” for the bipartisan Secure and Fair Enforcement Banking Act (SAFE), which had been re-filed by Senators. Jeff Merkley, D-OR and Steve Daines, R-MT, filed the Secure and Fair Enforcement (SAFE) Banking Act last month.
He said that SAFE Banking ensures cannabis businesses are given equal access to the critical banking infrastructure of states which have legalized marijuana. We’ve heard stories of large and small businesses walking around with huge amounts of cash, because they cannot do banking. SAFE Banking could change this and allow businesses to bank like other businesses, because it’s legal in many states.
Watch Schumer discussing the cannabis banking bill below:
After the bill passes committee, he reiterated his plans to include additional “criminal-justice provisions…most notably the expungement” of criminal records. He and two other senators specifically discussed their intention to attach to the Harnessing By Pursuing Expungement Act. This would provide federal grants to localities and states that facilitate cannabis clemency.
Schumer told that Thursday, “We have made good progress, which is bipartisan, on SAFE Banking. We hope to see a markup of this bill soon.” “We are moving in record time on an important issue.”
Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), said that senators also planned to “move swiftly” with legislation.
Both Senators from both sides of the aisle are pushing for an urgent action to be taken regarding the standalone bill that would protect banks who work with state-legal marijuana businesses against being penalized federally regulators.
An op-ed written by a former top Schumer aide for Marijuana Moment explains why the new composition of the 118th Congress improves the chances of passing the SAFE Banking Act.
Schumer has stated his commitment to moving forward with the marijuana banking bill, which includes criminal justice provisions. He called the effort to repair the damage of the war on drugs as a “moral obligation” for Congress.
The current makeup of Congress has led to some doubts about the feasibility of modest cannabis reforms. Senate Republicans have blocked a motion to move forward a bipartisan measure that would require studies on the medical potential for cannabis to help veterans suffering from chronic pain or PTSD.
In recent years, the SAFE Banking Act was approved in a largely bipartisan manner in the House. It’s been stuck in the Senate for years, under both Democratic leadership and Republican leadership.
Schumer stated last month that he is “disappointed,” that the SAFE Plus package did not advance last year. He added that “we were close, but we ran into opposition at the last minute.” 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.
Booker recently said that lawmakers are working to “resurrect the cannabis reform package“, acknowledging that the failure to advance a bank fix for the industry means “literally that hundreds of businesses will go out of business.”
Rep. Earl Blumenauer, D-OR, who is sponsoring a House version of SAFE Banking Act said that he believes it’s crucial that advocates and legislators align on any incremental proposal to end the war on drugs, warning that an “all or nothing” mentality.
The American Bankers Association also recently reiterated its call for passage the legislation. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
Marijuana Moment tracks more than 1,000 cannabis and drug policy bills that have been introduced in state legislatures, and Congress. Patreon supporters who pledge at least $25/month gain access to our interactive charts, maps and hearing calendar.
Discover more about our marijuana bills tracker. Become a Patreon supporter to gain access.
—
In recent weeks, Congress has received numerous other cannabis bills in addition to the banking legislation.
Bipartisan members of Congress, for example, recently introduced a bill that would mandate the automatic sealing criminal records for certain federal marijuana convictions.
Last month, House and Senate legislators reintroduced a bill to give a safe harbor for insurance companies who work with licensed marijuana business.
Rep. Brian Mast, R-FL, introduced legislation last week to protect Second Amendment rights for people who use marijuana legally in states. This would allow them to buy and possess firearms they are currently prohibited to have under federal law.
Last month, Joyce, along with House Minority Leader Hakeem Jeffreys (D-NY), filed a bill to help prepare the federal government to legalize marijuana. The measure directed the Attorney General to create a commission that would study cannabis and make recommendations on how to regulate it in a similar way to alcohol.
Minnesota Lawmakers reach agreement on first round of Marijuana Bill changes in conference committee
The post Schumer wants Marijuana banking bill to get committee vote ‘in the near future,’ reiterating plan to attach ‘criminal justice provisions’ first appeared on Marijuana moment.
