When will the Senate approve the SAFE Banking Act?
A well-respected Senate speaker is working to level expectations for a vote in his panel. This is a bill that would protect banks that work with legally state-owned marijuana companies from criminal penalties under federal law. Recently The SAFE Banking law was approved by the House approved aside from largely bipartisan lines.
Sherrod Brown, who is on the Senate Banking Committee, shared a few words on the matter. He said the bill has yet to gain his support “because I think we need to look at a number of things”. However, Rep. Ed Perlmutter, who is the sponsor of the bill in the House, said he was ready to change the proposal.
This change would be in a way that suits the President if it supports him in getting things done. Sherrod Brown told Cleveland.com he has had discussions with Senate Majority Leader Chuck Schumer over the matter. To which he said, “and see where it goes.” In an interview, Schumer said he doesn’t think it makes sense for the Senate to pass cannabis banking legislation.
At least not before improving a more comprehensive reform, that’s because a more modest proposal would likely bring in Republican members. Which may threaten his attempts to gain support for the broader legalization legislation he is working on. Still, Brown doesn’t necessarily doubt the votes on the SAFE Banking Act. Which is sponsored by the senses. Jeff Merkley and Steve Daines, but he says his board has other issues to face.
“This committee has talked too much about Wall Street and not enough about housing, not enough about rural and urban affairs and people’s day-to-day economic life, and that’s my goal,” said Sherrod Brown. “I’m going to take this seriously. We’re not ready to move on.”
When will the SAFE Banking Act be a priority for the Senate?
Two months ago, in February, the senator said he was “ready” to push forward with marijuana banking reform, “but with that, sentencing reform was needed.”
So with that he left out some important information in his final comments on the particular reforms he would like to include. He went on to say, “I’m not a lawyer and I want to understand this part better and make sure we’re doing it right.”
“We will probably have a good chance and I want to do well,” he said.
Perlmutter, meanwhile, said he had to do whatever it took to get the bill passed in Congress. In addition, he told KOA News Radio that although he has been “overly optimistic” in the past, he is confident that the SAFE Banking Act will get the green light this session.
Currently, this cannabis banking legislation has 33 cosponsors, as well as Merkle. What does this mean that more than a third of the chamber is already officially in favor of the SAFE law.
The next political push for cannabis banking legislation
Last week is the fourth time Congress has passed the SAFE Banking Act. In 2019, lawmakers passed it as a stand-alone bill and then twice thereafter as a component of coronavirus relief legislation. However, nothing came of trying to advance the measure in the Republican-controlled Senate during this time.
What the SAFE Banking Act would do is secure all banks that wanted to accept legal cannabis customers. This would be done without worrying about federal sanctions. This fear of facing penalties has prevented many banks and credit unions from working with legal cannabis companies. This also puts marijuana businesses able to operate on a cash basis. This makes them vulnerable to crime and creates difficulties for financial regulators.
Following the House’s approval of the SAFE Banking Act, advocates and stakeholders have closely monitored any activity emanating from the Senate Banking Committee. This is where the bill was referred after it went to the chamber. Although then-president Mike Crapo did not hold a meeting on the bill. Although he had spoken of ongoing negotiations regarding certain requirements.
Final thoughts on the passage of the SAFE Banking Act in the United States
Crapo went on to say he was against the reform proposal. Still, he said he might be more responsive if he incorporated specific stipulations considered untenable for the industry. This would include a two percent THC potency limit on the products. The purpose of this limit is to allow cannabis companies to qualify to access financial services. In addition to preventing banking services for workers who sell high-powered vaping devices or edibles that might appeal to young children.
Two years ago, when the SAFE Banking Act was passed in the House, some advocates were rejected. These advocates felt that Congress should have prioritized comprehensive reform to legalize marijuana and promote social fairness. Instead of starting with a bill considered primarily favorable to the interests of the industry.
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