Sources familiar with the discussions claim that senators plan to introduce a number of changes to a bipartisan marijuana bank bill during Wednesday’s Senate Banking Committee meeting.
The Secure and Fair Enforcer Regulation (SAFER), Banking Act, was introduced last week after weeks of bipartisan negotiation. However, it is evident that there are still disagreements among the members on issues such as cannabis companies’ access to stock markets, banking regulations designed to prevent discriminatory enforcement and a broad marijuana reform focused on justice.
It’s not clear which amendments may ultimately be filed, but there’s also talk among certain Democratic members about moving to significantly expand the bill’s social equity provisions, which would likely come up against strong resistance from GOP lawmakers as supporters work to bring the legislation to the floor and over to the Republican-controlled House.
There are many Democrats who don’t want to be satisfied with just banking. Don Murphy, former Republican Maryland legislator and director of government affairs for Marijuana Leadership Campaign, told Marijuana Moment that they want more.
It’s possible they will propose amendments, then withdraw them. “This is what I want, but I know there are no votes.” He said, “This isn’t the vehicle or the time. They’ll be in a position to show their constituency that they fought for more. It’s a chance for people to express themselves. “I expect to hear a lot more of that.”
Raphael Warnock, D-GA, is expected to file more than one amendment addressing social equity and more specific changes affecting financial services. Marijuana Moment was unable to confirm any details of the proposed amendments from his office at the time this article was published.
The Republican Party plans to introduce an amendment that will strengthen Section 10 which restricts the ability of banking regulators to use discretionary actions to discriminate, for example, against the energy and firearms industries, both of which conservatives claim are unfairly targeted because they are ideologically biased.
Sources familiar with the plans say that an amendment will be introduced in order to remove certain language which still allows banking supervisors discretion. However, the text of these proposals is not yet available.
In an X Spaces Interview with Politico, Tuesday, Sen. Kevin Cramer, (R-ND), indicated that he would like to amend the bill in this manner. He said, however, that a manager’s amendment containing various technical changes would be introduced, and that it may influence what other revisions members pursue.
He stated. “I want to ensure that we do not over empower the bureaucracy because that is the last thing that I want to ever do with any piece legislation.”
He said he was “confident”, that the language that he doesn’t agree with would be removed, and that his ultimate goal is a “yes”.
In a press statement on Tuesday, Minorities for Medical Marijuana said that an amendment would be filed in order to “expand the types of institutions which could provide financial assistance to cannabis operators putting them on the same level as the hemp industry.”
The group stated that “this amendment will ultimately lower barriers of entry and make the market for legal cannabis more equitable.”
It seems that the way it is described speaks to the industry stakeholder’s requests to modify SAFER Banking Act so as to allow them access to capital markets. The group has not provided the text of this measure or identified the sponsor.
The bill as introduced is still not final and the members of the committee are eager to make additional changes.
If the bill reaches the floor again, these dynamics will be in play. Senate Majority leader Chuck Schumer (D, NY) has pledged to file amendments that promote state level cannabis expungements as well as marijuana consumers’ rights.
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Last week, Sherrod B. (D-OH), the chairman of the Senate Banking Committee, said that , the SAFER Banking Act, would pass “decisively,” out of his committee, this week. Senators are discussing possible tweaks to its path.
The lead GOP sponsor, Sen. Steve Daines, (R-MT), praised provisions in the bill that he claimed would shield Montana’s energy and firearm companies from the “woke agenda” of the left. According to his office, Daines is also open to adding the expungement provisions Schumer has proposed.
A group representing state legislators across the U.S. has urged Senate leadership this week to pass SAFER Banking Act in order to provide “a much-needed solution” for the “unsafe” and “unacceptable” challenges the cannabis industry faces due to prohibition.
Last week, a group of 35 cannabis trade groups, drug policy reform organizations and a leading national labor union called for Congress to address “the humanitarian toll” of robberies that target marijuana businesses with cash by passing the SAFE Banking Act this year.
In July, the American Trade Association for Cannabis and Hemp, along with other trade groups representing marijuana business in 16 states and Washington, D.C., sent a letter to Brown and Banking Committee ranking member Tim Scott (R-SC), imploring them to pass the cannabis banking legislation “without further delay.”
The American Bankers Association also renewed its call to pass the legislation. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
66 New York lawmakers urge Governor to sign bill allowing bulk marijuana sales to tribal retailers
Photo by Mike Latimer.
The article Senators Are Expected to File Multiple Amendments to Marijuana Banking Act During Wednesday’s Committee Meeting first appeared on Marijuana Minute.
