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Senators celebrate bipartisan marijuana banking bill reintroduction

Sens. are calling for action on the marijuana banking bill that was reintroduced this week . They have taken to Twitter to urge bipartisan efforts to pass the reform in this session.

The Secure and Fair Enforcer (SAFE Banking Act) was introduced with great fanfare. It received the applause from top legislators , such as Senate Majority leader Chuck Schumer (DNY). More than a dozen Senators have tweeted their support for the bill in the days following its introduction.

Although bipartisan legislators have introduced a number of modest cannabis measures over the past few weeks, advocates and stakeholders in the industry are focusing on SAFE. SAFE has been revised several times, a revision that equity activists find encouraging, but they hope to improve as legislation progresses.

Sens. The legislation is sponsored by Reps. Dave Joyce, Earl Blumenauer and Jeff Merkley.

It is expected that the bill will be presented to the Senate Banking Committee first as a stand-alone proposal, before it could move to the Senate floor. The chairman of the panel, Sen. Sherrod (D-OH), said recently that the process had been delayed due to his concerns about banking sector representatives allegedly using the bill to undermine broader regulation.

The prospect of finally passing the bill, which was passed by the House in recent sessions but stalled in the Senate, has excited lawmakers from both sides.


What do congressional legislators say about the SAFE Banking Act?

It will be harder to pass the bill in this year’s Congress with a divided Congress and Republicans controlling the House. Advocates are confident they have built a strong coalition of supporters, which bodes well for the bill’s advancement.

Last Congress there was some pushback on the standalone proposal. Equity advocates expressed concern that its passing would primarily benefit the large marijuana corporations while undermining efforts to enact a comprehensive legalization which addresses the harms of the drug war.

There seems to be consensus on a new approach that legislators have proposed: pass a SAFE Banking Act cleanly through the committee, and then bring it up for a vote where they can attach justice-focused changes and create a package called “SAFE Plus”.

Despite the changes that have been applauded by advocates, the standalone version does include some of those changes. These include protections for Community Development Financial Institutions and Minority Depository Institutions that provide commercial loans to minority owned businesses.

The bill also provides mortgage loans backed by the federal government for marijuana workers, which was not included in previous versions.

The bill also includes revised data collection and reporting requirements that, according to advocates, will give more information on the barriers minorities, veterans, women and small businesses face in accessing financial services, and participating in the marijuana industry.

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Schumer reiterated his commitment in advancing marijuana banking legislation, which includes criminal justice provisions. He called the effort to repair harms caused by the drug war an “moral responsibility” of Congress.

A vote last week in the Senate has raised concerns about the feasibility of any cannabis reform under the current makeup of Congress. Senate Republicans have blocked a motion to advance bipartisan legislation that would require studies on the medical potential for cannabis to help veterans suffering from chronic pain or PTSD.

Schumer stated last month that he is “disappointed,” that the SAFE Plus package, which he worked on in last year, did not advance. He said that lawmakers will “continue to work in a multipartisan way” 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.

Blumenauer, a Democrat who last month filed a bill to allow marijuana businesses to claim federal tax deductions, stated at a press conference that it is important for advocates and legislators to align on incremental proposals that will end the war on drugs, cautioning against an “all or nothing” mentality.

In recent weeks there have been several cannabis reform proposals, especially in the run-up to 4/20 last month.

Last week, bipartisan legislators in both chambers reintroduced a bill to give a safe harbor for insurance companies who work with state-legal marijuana businesses.

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 measure 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.


Report: States have generated over $15 billion in marijuana tax revenue since 2014, despite earnings declining last year

The article Senators celebrate bipartisan Marijuana Bank Bill Reintroduction first appeared on Marijuana Moment.

Kyle Jaeger
Author: Kyle Jaeger

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