Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), hopes to announce a vote on a marijuana banking law in his committee “in the coming days.” The markup will take place during the current session which ends October 6, according to plans. He also admitted that some “outlying” issues still need to be addressed among the members.
Brown said that the markup could take place as soon as the senators reach the end of negotiations.
“We have to ensure that we have enough votes.” “There are some differences that some members have,” said Punchbowl News’ chairman on Monday evening. I’m not going publicly to talk about negotiations and what people want or don’t. Minor issues remain. We hope to bring people on board and have a strong voting.”
Brown’s comments do not make it clear whether the senators have resolved their lingering differences over Section 10 (SAFE Banking Act). Certain Democrats deemed this section problematic. Republicans, such as Sen. Steve Daines, the main GOP sponsor, insisted that it be kept.
Brown told Politico separately last week that, he plans to introduce the cannabis legislation in the current session which ends at the beginning of next month.
Since the August recess, advocates and industry stakeholders are closely monitoring any movement on the SAFE Banking Act. The summer session did not bring about the expected progress of the bill, but Brown and Daines, as well as Senate Majority leader Chuck Schumer (DNY), have indicated in recent days that had a productive break and are close to an agreement.
Brown said previously that his goal is to pass the bill within “six-weeks.”
Schumer said in his Dear Colleague letter that “safeguarding marijuana banking” was one of his top legislative priority. However, he stressed the importance of bipartisan support. In a speech on the floor last week, Schumer said that he is committed to “making significant progress” in the fall session.
At this stage, the SAFE Banking Act is co-sponsored by 42 senators — nearly half the Senate. This includes eight Republicans and 3 independents. Insiders claim that the SAFE Banking Act, in its current standalone form, has enough Republican support to pass the Senate with 60 votes.
Brown and Daines disagreed over the next steps in relation to the bill as the summer recess approached. Brown insisted Daines needed to get more GOP co-sponsors. Daines, however, argued that Republicans were already 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.
The SAFE Banking Act, as it is currently drafted, would protect 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 legislators are trying to “resurrect the cannabis reform package“, acknowledging that the failure to advance an industry banking fix “literally” means that hundreds 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 a “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.
also celebrated its 10-year anniversary in July, since the introduction the first version of the SAFE Banking Act.
Colorado Gov. Jared Polis, a Democrat, said separately in a letter last week to President Joe Biden that he should support the congressional push for marijuana bank reform at the same time the Drug Enforcement Administration begins its review after receiving a rescheduling recommendations from the top federal agency.
A GOP congressman plans to introduce a ‘different’ version of a bill to protect state marijuana programs from federal interference
Photo by Mike Latimer.
The article Senate Committee chair plans Marijuana banking vote announcement in ‘next few days’ –but ‘outlying issues’ remain first appeared on Marijuana moment.
