Bipartisan senators are urging congressional leaders to pass marijuana bank laws
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About a quarter of the voting members of the US House of Representatives have banded together to urge congressional leaders to legislate the marijuana banking regulations as part of the grand manufacturing bill – America COMPETES Act.
The group of 24 senators from both sides of the aisle have rallied behind an idea that the bipartisan Banking Safe and Fair Enforcement (SAFE) Act would “help cannabis-related businesses, support innovation, create jobs and strengthen public safety in our communities.” would .”
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Once passed, the law would allow banks and financial institutions to accept business from cannabis companies that comply with state regulations. It would also protect banks from being penalized under federal banking regulations.
The letter
“The cannabis industry has emerged as a powerful job generator and a significant generator of tax revenue,” lawmakers led by Sens. Jeff Merkley (D-OR) and Jacky Rosen (D-NV) wrote in a letter to congressional leaders. “However, financial institutions are often reluctant to do business with cannabis-related companies, even in states that have legalized cannabis in some form, due to legal and regulatory risks arising from conflicting federal and state laws. Cannabis companies operating legally and in compliance with state laws to provide access to financial services without government reprisals would address public safety and compliance challenges and help communities reduce cash-motivated crime.”
The letter was also signed by Sens. Steve Daines (R-MT), Gary Peters (D-MI), Cynthia Lummis (R-WY), Tammy Duckworth (D-IL), Dan Sullivan (R-AK) and Angus King (I-ME), Kevin Cramer (R-ND), Michael Bennet (D-CO), Lisa Murkowski (R-AK), Mark Kelly (D-AZ), Martin Heinrich (D-NM), Ben Ray Luján ( D-NM), Patty Murray (D-WA), Catherine Cortez Masto (D-NV), Tim Kaine (D-VA), Robert Menendez (D-NJ), Mazie Hirono (D-HI), Kyrsten Sinema (D -AZ), Alex Padilla (D-CA), Patrick Leahy (D-VT), John Hickenlooper, (D-CO) and Chris Coons (D-DE).
“Passing the SAFE Banking Act through the Jobs and Competitiveness Act before us would support a fast-growing industry that creates jobs, encourages innovation, supports small businesses and increases revenue in states that have decided to legalize cannabis , while reducing safety risks for industry workers and the public alike,” the letter continued.
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Efforts behind the SAFE Banking Act
So far, the SAFE Banking Act, introduced by Rep. Ed Perlmutter (D-Colo.), has made it through the US House of Representatives six times in the last three years. The bill that Rep. Perlmutter attached earlier this year as an amendment to the America COMPETES Act has yet to pass the Senate.
RELATED: If Senate Democrats’ idea for cannabis reform is a SAFE Banking Act, they should give up now
Many cannabis industry experts agree that the law stands a better chance of passage than the MORE Act, which aims to legalize cannabis at the federal level.
In late 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, which is scheduled to be discussed by bicameral negotiators on Thursday.
Other officials followed suit. The bipartisan duo, Colorado Attorney General Philip Weiser (D) and Ohio Attorney General Dave Yost (R), sent a separate letter to US Senate leadership last month calling for passage of the banking measure.
Attempts by Senator Chuck Schumer to legalize it
Meanwhile, Senator Charles Schumer (DN.Y.) is working on a separate cannabis legalization measure. He recently delayed the submission of his sweeping marijuana reform proposal from April to sometime before the August break. Shortly after, he reconfirmed the deadline with a promise to stick to the schedule.
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“Make no mistake, I’m working hard with my Senate colleagues to ensure that the federal government catches up. This bill will be comprehensive, and I promise we will introduce this important piece of legislation before the August recess,” the Senate Majority Leader said at the National Cannabis Policy Summit last month.
Schumer and colleagues Cory Booker and Ron Wyden presented the outline of the Cannabis Administration & Opportunity Act (CAOA) in July 2021.
RELATED: Chuck Schumer’s Cannabis Legalization Bill: Back to the Drawing Board by August
The proposal includes plans to remove cannabis from the Controlled Substances Act, quash previous convictions for cannabis, and allow those serving time for relevant offenses to apply for re-conviction.
Additionally, states would retain their right to set their own marijuana policies and help those criminalized for the cannabis plant.
This article originally appeared on Benzinga and has been republished with permission.
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