The Senate has been under a lot of pressure from all sides over the last few weeks to pass the cannabis SAFE Banking Act. Now, senators are trying to push for marijuana banking legislation to be included in a bigger package aimed at improving U.S. competitiveness, which would provide more of a chance for the bill to become law.
The Secure and Fair Enforcement (SAFE) Banking Act aims to protect financial institutions that wish to provide their services to state-legal marijuana businesses. Some industry experts believe the bill has a better chance of passing the Senate than the MORE Act, which would remove cannabis from the Controlled Substances list and allow states to legalize its production and sale free from federal interference. It looks like the measure is gaining more support over time from both Democratic and Republican members.
While the SAFE Banking Act was not a part of the bipartisan U.S. Innovation and Competition Act that was approved in the Senate, the U.S. House of Representatives formally attached a marijuana banking reform amendment from Rep. Ed Perlmutter (D-CO) to COMPETES Act in February.
Perlmutter, Blumenauer, And Murray Fighting For It
A the end of April, Perlmutter and Earl Blumenauer (D) sent a letter to a bicameral conference committee asking for the inclusion of marijuana banking reform in the final America COMPETES Act, a manufacturing and innovation bill that will be discussed by bicameral negotiators.
Sen. Patty Murray (D-Wash.), the No. 3 Senate Democrat is also “fighting every which way” to get the cannabis legislation included in the final bill, reported The Hill.
“This is a cash-only business right now. It’s dangerous for the employees,” Murray, a member of the Senate conference committee heading negotiations for the final version of the bill, she told the outlet. “It’s dangerous for the patrons and it can be fixed.”
Several senators are behind this as well. For example, Sen. Jon Tester (D-Mont.), a member of the conference committee and a co-sponsor of the SAFE Banking Act told The Hill, “The bottom line is that banking bill’s been out there for a long time. It’s ready to go. It needs to pass.”
Furthermore, Senator Steve Daines (R-Montana), one of nine Senate Republican co-sponsors of the bill revealed that he believes other members of the Republican party could also be on board.
“We’ve got nine Republican co-sponsors officially on it, close to 50 Democrats,” Daines said. “There are some other Republicans that I’m confident if we had a vote, would vote for it. So, we’ve got the votes to pass the SAFE Banking Act as a standalone, if we’d like to.”
What About Schumer, Booker, McConnell?
The final COMPETES Act is expected to be revealed before the August recess, around the time that Senate Majority Leader Charles Schumer (D-N.Y.), promised to file his comprehensive marijuana reform proposal the Cannabis Administration & Opportunity Act (CAOA).
“Clearly it’s not aimed for passage this Congress if it’s coming out in August,” Steven Hawkins, president of the U.S. Cannabis Council, an industry group, commented on the Schumer’s bill. “Even if it comes out sooner than that, it’s too late in the calendar year. So what that means is we really have an open playing field to push for passage of SAFE.”
Schumer previously opposed the SAFE Banking act worried that its passage could lower the chances of broader reform. He, and other Democrats, did however note that they would be more open to supporting the cannabis banking bill if it is paired with provisions to expunge cannabis convictions and repair harm caused by the war on drugs.
“I think to not include restorative justice provisions is something I just can’t support,” Sen. Cory Booker (D-N.J.), who is working on CAO with Schumer, told the outlet.
It turns out that the rules of the conference committee don’t allow lawmakers to amend the SAFE Banking Act by adding these kinds of provisions, which further minimizes chances of the bill getting Schumer’s support to go into the final COMPETES Act and to the President Biden’s desk.
Another Senator that could end up being significantly opposed to the bill is Senate Minority Leader Mitch McConnell (R-Ky.) He avoided nominating any of the bill’s nine Senate Republican co-sponsors to the conference committee and has already slammed House Democrats' efforts to include the legislation in the package. Just recently, he even blasted Biden for granting clemency for some federal cannabis and drug convictions.
Will senators succeed to include the SAFE Banking Act in the final bill or not? Being May already, we’ll find out in a couple of months.
Photo: Courtesy of Wikimedia Commons
