According to an advocate that spoke with a key Senate Chairman, a bipartisan marijuana bank bill “will not” be marked up by a committee next week. This means that the bill will not be discussed during the summer sessions as hoped by leadership.
Don Murphy, a lobbyist for the Marijuana Leadership Campaign, said that he had spoken to Sherrod Brown of the Senate Banking Committee (D-OH) on Thursday. He was informed that the committee would not vote on the Secure and Fair Enforcement Banking Act (SAFE Banking Act) before the recess begins on July 31.
It’s time to start planning your vacations early. Twitter Friends… Chairman Brown says “Not next Week” in response to the possibility of a #SAFEBanking ballot.
Don Murphy (@donmurphy12a 20 July 2023
Murphy told Marijuana Moment he asked Brown the question as he was leaving an hearing on Thursday. He jokedly asked if he should start making vacation plans or if SAFE Banking will be getting a markup before the lawmakers leave for the summer. The Senate will not return to work until September 5 after the end of the month.
This news is disappointing for cannabis advocates and stakeholders who had been encouraged by Senate Majority leader Chuck Schumer’s (D-NY), inclusion of the Cannabis legislation on a list for legislative priorities during the summer session despite his acknowledgement that it would be difficult.
Brown said himself in early June he wanted to mark up the bill within the next two or 3 weeks.
There have been recent signs that Senators are at a temporary impasse on the bill. Brown has insisted that Sen. Steve Daines, the GOP sponsor of the measure, find additional Republican members who will formally support the measure. Daines said Republicans are ready to act as the SAFE Banking Act was introduced.
Insiders say that the disagreement is over a section of the bill which concerns banking regulations. Some Democrats, like Sen. Jack Reed (D-RI), have pushed for Section 10 to be removed or altered. However, a senior GOP staffer said that this would not be a Republican priority.
A spokesperson for Daines said to Marijuana Moment on Wednesday that “talks continue and we remain optimistic.”
Those talks did not seem to produce a concrete agreement by the time of the summer session.
Marijuana Moment contacted Brown’s staff to confirm Murphy’s report on the new remarks of the chairman, but no representative was able to comment or confirm this.
Daines warned against adding social justice reforms to the bill that progressives wanted to include. However, his office told Marijuana Moment that the senator was “open” to including the language for expungements, as suggested by Schumer.
Schumer stated in a Dear Colleague Letter that was circulated this month that SAFE banking remains a legislative priorities. He also acknowledged that the task “will not easy” and that it will require GOP buy-in.
Sen. John Cornyn, R-TX, meanwhile, stated last week that majority leader Schumer’s summer agenda was too ambitious. He also expressed serious doubts about marijuana banking, among a list other legislative items identified by Schumer in the letter.
—
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.
—
Schumer, for what it’s really worth, also spoke to a cannabis industry leader last month who approached him during an unrelated event. According to the entrepreneur, Schumer is “confident” that the cannabis banking bill will pass.
Sen. Tommy Tuberville, R-AL, for his part said last month he is a “yes”. He doubts the Democratic leadership’s ability to deliver on their promise.
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 an amendment to allow cannabis businesses access to federal Small Business Administration services (SBA).
Schumer stated in April that he is “disappointed,” that the so-called SAFE Plus cannabis reform package did not advance last year. He added that “we were close” but “we ran up against opposition at the last minute.” He also 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.
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 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.
also celebrated its 10-year anniversary last week, since the introduction the first version what is now called the SAFE Banking Act.
Congressional spending bill reports call for research on hemp as a plastic alternative and marijuana impaired driving test
Photo by Philip Steffan.
The post Senate Committee Chair Says Marijuana Bank Bill Won’t Actually Get A Vote this Summer, Despite his Goal, Lobbyist Reported first appeared on Marijuana Moment.
