The U.S. Senate Banking Committee added new witnesses to the hearing this week on a bipartisan marijuana banking legislation.
At the hearing on Thursday, in addition to the top bipartisan supporters of the Secure and Fair Enforcement Banking Act (SAFE), an equity-focused activist for cannabis reform, a union rep, a cannabis financial service company executive, and a leading proponent of prohibition will share their perspectives on the legislation and the underlying financial issues within the cannabis industry.
Sherrod Brown, the chairman of the Banking Committee (D-OH), said last week that Senators would “move swiftly” to pass legislation introduced by Sens. Jeff Merkley, (D-OR), and Steve Daines, (R-MT).
Merkley Daines and other witnesses have been added for the hearing of the committee:
Cat Packer and the Cannabis Regulators Of Color Coalition (CRCC), as well as Drug Policy Alliance (DPA),
Packer, a former Los Angeles marijuana regulator, is now vice chair of the CRCC as well as director of DPA’s drug markets and legal regulations.
She praised the “technical changes” that were made in order to promote equity. She has stressed the importance of resolving marijuana banking issues in a manner that supports the communities who have been disproportionately affected by the drug war.
The CRCC published a paper in which suggested several changes to the SAFE Banking Act. Members said that these would increase its equity impact and make it more acceptable to those that have insisted on sweeping legalization focused on justice before modest financial reform.
One recommendation of the organization–to extend the protections to Minority Depository Institutions and Community Development Financial Institutions–was included in the most recent version of the bill.
DPA also argued for equity language to be included in the Banking Reform legislation.
Ademola Oyefeso is a member of the United Food and Commercial Workers International Union.
Oyefeso, the director of UFCW’s legislative and political actions department, is a well-known activist for cannabis reform. The union, which represents more than one million workers has consistently advocated for reforms in the cannabis industry, including encouraging President Joe Biden, along with other advocacy groups, to support legalization.
UFCW has also pushed specific reforms at the state level, including requirements for labor peace agreements, as part of legalization laws.
Michelle Sullivan, Dama Financial
Sullivan, the chief risk officer and compliance officer of Dama Financial which provides services to state licensed marijuana businesses, works to navigate the complicated federal regulations for companies seeking banking services.
Kevin Sabet, Smart Approaches To Marijuana (SAM)
Sabet, the CEO of SAM and one of the most prominent figures in the fight against legalization efforts.
SAM opposes the SAFE Banking Act. It argues that the act would enrich the cannabis industry and could be abused. The organization also argued that contrary to the claims of the bill’s supporters, it would worsen inequalities in the cannabis industry.
Make it Thursday. Here I was on my way to the airport.
Kevin Sabet May 9, 2020 HTML0
Both Senators from both sides of the aisle are pushing for urgent action to the SAFE Banking Act. This act would protect banks who work with state-legal marijuana businesses against being penalized federally.
The version of the bill has been revised in several ways, which has encouraged supporters .
At a marijuana rally in New York City, on Saturday , Senate Majority leader Chuck Schumer (DNY) announced that he will bring the bill to the floor once it has cleared committee. He also stressed that the bill would be revised with expungements provisions.
It is believed that the bill will pass this session, with Republicans controlling the House. Former Schumer top aide wrote an opinion piece for Marijuana Moment recently explaining how new political dynamics can actually boost the bill’s chances of passing this year.
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 any cannabis reform. 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, which included marijuana banking and expungements, did not advance. He said that lawmakers 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 acknowledged that the failure to pass a banking solution for the cannabis industry would “literally” mean 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.
Recently, the American Bankers Association (ABA), also renewed its call for passage legislation.
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In recent weeks, Congress has received numerous cannabis bills in addition to the banking legislation.
Bipartisan members of Congress, for example, have introduced a bill that would mandate the automatic sealing criminal records in certain cases where federal marijuana convictions were not violent.
Last month, House and Senate legislators reintroduced a bill to give a safe harbour to 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.
Reps. Dave Joyce, R-OH and Alexandria Ocasio Cortez, D-NY have introduced a bill that would provide federal grants to encourage state and local marijuana exclusions.
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.
Activist Preserves the Legacy of Husband who Won Right to Medical Marijuana Grown by The Feds 45 years ago
Photo by Mike Latimer.
The article Senate Committee adds new witnesses for Marijuana Banking hearing this week first appeared on Marijuana Moment.
