The Republican Senate leader who is the primary sponsor of bipartisan marijuana banking legislation hopes for a committee to vote on it “sometime in Septembre.” Meanwhile, a Democratic legislator who had previously expressed concerns about an important section of the bill says that bipartisan lawmakers have “made progress” in their negotiations.
In interviews conducted this week, senators of both parties weighed in about the Secure and Fair Enforcement Banking Act (SAFE). According to Sherrod Brown, the Chairman of the Senate Banking Committee (D-OH), a markup will be held during this current work session which ends on October 6.
Sen. Steve Daines, the top Republican sponsor of the bill , told The Hill on Monday that “there is a chance” to complete a markup. He also said that this could occur in the last weeks of September. The Banking Committee spokesperson told Marijuana Moment Monday it would not take place this week, so the last week of September is the only option.
In recent days, Senators Brown, Daines, and Senate Majority leader Chuck Schumer (D-NY) have stated that they have had productive discussions regarding moving the SAFE Banking Act in this fall. This indicates that there have been agreements reached on certain outstanding issues.
One of the key contentions that delayed a tentatively planned committee vote during the July session was Section 10 of the bill, which deals with broad banking regulations–something Democratic members such as Sen. Jack Reed (D-RI) have pushed to revise or remove but which GOP senators like Daines have insisted on keeping intact.
Reed did not say if his concerns had been addressed. However, he said that lawmakers were “making progress” during a recent interview with The Hill.
Kevin Cramer, another member of Banking Committee and Sen. Kevin Cramer’s (R-ND) opinion was reported in the Capitol Hill Newspaper. He said that “there is a desire” to level the playing fields during negotiations on SAFE Banking.
“I for one would like to see that same premise be applied to banks and to things like Operation Choke Point,” said he, referring to the Republican policy which affects the oversight of the payday lending and gun industries. Section 10 was created to address this policy.
Cramer suggested that “try to eliminate some nonsense.” “I believe there’s a discussion that is ready for some deal-making and compromise.”
The chairman said that despite “some minor issues” he hopes “to get people on board, and to get a strong voting.”
Marijuana Moment contacted the offices of Brown & Daines to clarify the status and timing of the negotiations but no representatives were immediately available.
Cory Booker, meanwhile (D-NJ), told The Hill: “I am very optimistic that we will be able to get SAFE passed [and] that we will resolve some equity issues.”
Booker stated that his pillars were: “opening up the banking sector, creating more opportunities for women and minority groups to access this banking industry and trying to achieve some social criminal justice measures,” Booker explained.
Schumer wants to include incentives for state-level marijuana expungements in the banking bill. Daines warned against adding more provisions to the bill , but is open to this one reform.
The Senate Finance Committee chairman Ron Wyden (D – OR) noted that the U.S. Department of Health and Human Services has recommended federally redistributing marijuana under the Controlled Substances Act. He called it “good” and a “potential breakthrough.”
He said, “We are moving to end the days when ‘Reefer Madness’ was a thing of the past.” “The federal [government] has just been behind in pot.”
Mark Warner, a senator from Virginia (D), said that the recommendation by the HHS to move marijuana to Schedule III of the CSA was “a recognition” of reality.
The senator stated that “the idea that marijuana is [legal] in more than half of the states and yet it’s still classified in the same category at the federal level as heroin” seems out-of-touch with science.
Advocates and stakeholders eagerly await news on the SAFE Banking Act committee markup schedule, which Brown said Monday that he hopes will be announced within “the next couple of days.”
Sen. Jeff Merkely, D-OR, the leading Democratic sponsor of the Cannabis Banking Bill, said Politico Wednesday that the Chairman is “in the most position to allow a date” for the vote.
Daines has said repeatedly that there are enough votes to pass the bill with bipartisan support as agreed upon previously, but not every Republican member is on board with incremental reform.
Mike Rounds, a Republican senator from South Dakota who is a member of the Banking Committee, has said that he doesn’t know if the supporters will have enough votes to pass the bill, and added, “They don’t have [my] vote at this point in the game.”
He told The Hill that he did not think it was helpful to make marijuana available at this time.
In a letter to his colleagues, the majority leader said that “safeguarding marijuana banking” was one of his top legislative priority. He also stressed the importance of bipartisan support. In a speech on the floor last week, he said that he is committed to “making significant progress” in the fall session.
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The SAFE Banking Act currently has 42 sponsors, which is nearly half the Senate. This includes eight Republicans and 3 independents.
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.
Booker stated that lawmakers are working to “resurrect the cannabis reform package“, acknowledging that the failure to advance a bank fix for the industry means “literally that hundreds of 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.
In a recent letter to congressional leadership, the American Bankers Association (ABA), also renewed its call for passage. 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 introduced 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.
In a separate research paper, a former Los Angeles top cannabis regulator stated that supporters must continue to push for small but meaningful changes to the SAFE Banking Act to maximize its social equity effects.
Congressional researchers say DEA is ‘likely’ to reschedule marijuana, with ‘broad implications’ for taxes, housing, immigration and more
Photo by Mike Latimer.
The post Senate Marijuana Banking bill sponsor says vote could come’sometime in September’ as more members tout ‘progress’ in bipartisan talks appeared initially on Marijuana Moment.
