The key senators have said they plan to vote in a committee on a marijuana banking measure when they return after the 4th of July recess. However, at least one part of the bill is still disputed during negotiations. When it comes to the progressives’ desire to extend the scope of the measure by adding justice-focused reforms, the Republican sponsor told Marijuana Moment he was “open” to including expunction provisions.
In recent interviews with Punchbowl News several lawmakers commented on the Secure and Fair Enforcement Banking Act (SAFE). Senate Banking Committee Chair Sherrod Brown, D-OH, said that he would “like” to hold a bill markup this month. He said, however, “it depends” if his committee can first pass unrelated legislation through the Senate.
Sen. Jeff Merkley, D-OR, the lead Democratic sponsor for the cannabis banking bill, , told that the lawmakers will “dive in now and hopefully set the stage for a marking up when we return from the break.”
The issue is not just about timing or legislative priorities. The committee has held an initial hearing about the SAFE Banking Act since May. is still debating section 10 of the bill. Certain Democrats, like Sen. Jack Reed, have expressed concern, stating that it will undermine banking regulations in the cannabis industry.
Sen. Steve Daines, R-MT, told Punchbowl members are “not quite there” yet on a final agreement but “continue discussions.”
In a recent interview, he said that the bill has the “best” chance to pass this Congress – even if Republicans control the House. He warned that the measure might be sunk by Democratic senators who insist on dramatically expanding its scope.
A spokesperson from Daines’s Office told Marijuana Moment Thursday that Daines is open to revising the bill in at least one area: by adding provisions to allow for expungements of prior cannabis convictions, which Senate Majority Leader Chuck Schumer described as “critical” addition.
The staffer stated that Daines was open to including [Harnessing Opportunity by Pursuing Expungement Act (HOPE)] in the final package. Should it be brought to the floor, there would be an open process for amendments.
In his conversation with Punchbowl, however, the senator reiterated to him that “the focus must remain on SAFE Banking in order to maintain it as a bipartisan approach.”
“I thought that we had arrived when I reintroduced this bill. He said that the goalposts may have moved a bit. “We are working hard to fix it so that we can get a markup. It’s my job.”
On the House side, Rep. Dave Joyce, R-OH, who is the primary sponsor of the SAFE Banking Act in the chamber, said he was “a little busy” with his own work. He also added that the office “is still monitoring progress” regarding the cannabis bill.
Schumer, on his part, spoke recently with a cannabis business leader, who approached him last month at an event unrelated to marijuana banking. According to the entrepreneur, Schumer is “confident” that the bill will pass.
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The SAFE Banking Act is yet to receive a committee review, but lawmakers on both sides of the aisle have indicated that they are ready to vote for its passage, so long as there aren’t any major disagreements or problems along the way.
Last month, Sen. Tommy Tuberville (R-AL), said that he was a “yes”. He doubts the Democratic leadership’s ability to deliver on their promise.
Democrats are likely to contest this characterization. Brown stated last month that in the next two to three weeks he would like to vote on it.
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).
The legislators 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 a “all or nothing” mentality.
The American Bankers Association also recently reiterated its call for passage the legislation. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
North Carolina Senate Approves Medical Marijuana Regulation Appointment While House Leader Says “Heavy-Handed” Tactics Aren’t Helping Legalization’s Fate
Photo by Mike Latimer.
The post Senates Aim for Marijuana Bank Vote this Month in Committee, with Republican Sponsor “Open” To Including Expunctions Provisions first appeared on Marijuana Minute.
