On Wednesday, the Senate Banking Committee will meet for a highly anticipated vote on a bipartisan cannabis banking bill. This vote will determine if this bill advances to floor.
The Secure and Fair Enforcement Regulation Banking Act (SAFER), sponsored by Senators, will be voted on. Jeff Merkley, D-OR and Steve Daines, R-MT will vote on the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
The committee will likely adopt a few technical changes, which are not controversial. But according to reports, several senators also plan to file amendments on other issues, such as cannabis industries access to stock markets, banking regulations to prevent discriminatory enforcement and a broad marijuana reform.
Watch the Banking Committee Markup in the video below.
The road to the vote on Wednesday has been bumpy. The Senate is the first to take the lead on this legislation, even though the House passed previous versions several times. Bipartisan negotiations were difficult.
The leadership had hoped to pass the bill in committee by July. However, disagreements about provisions relating to banking regulations were a hindrance. Over the August recess lawmakers revised the bill with a slightly modified title and new wording that was praised by both sides.
The SAFER Banking Act, as amended last week, is not likely to be in its final version. There are plans to amend the bill on the floor, in addition to efforts to revise it further during Wednesday’s marking up. Senate Majority leader Chuck Schumer (D, NY) is hoping to take advantage of the opportunity to introduce legislation that would encourage state-level cannabis expunctions and protect gun rights for marijuana users .
Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), predicted last week that SAFER Banking Act would pass “decisively”. This remains to be determined, especially in light of reports on increased tensions regarding certain provisions.
Daines’ office said the senator was open to adding the Schumer-proposed expungement provisions.
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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.
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