Sixth time the charm? Marijuana Banking Act Sponsor Is Optimistic About Senate Approval

By Jelena Martinovic

Earlier this month, the U.S. House of Representatives formally appended a cannabis banking reform amendment to extensive innovation and manufacturing legislation.

After approval of the amendment by sponsor Rep. Ed Perlmutter (D-CO) via a vote as part of an “en bloc group” with other amendments, the chamber passed the package on Feb. 3 by a vote of 262 to 168.

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In a way

Following his final and sixth attempt to get the Secure and Fair Enforcement (SAFE) Banking Act across the finish line, Perlmutter discussed some of the prospects of his proposal in an interview with Yahoo Finance on Friday.

While Senate leadership has pushed to pass sweeping legalization first, the congressman is optimistic about his bipartisan incremental reform, writes Marijuana Moment.

“Every [House] Democrat and at least half of Republicans have backed SAFE Banking, and I’m confident the Senate will pick it up,” Perlmutter said.

RELATED: House Approves Marijuana Banking Bill, Attaches It to America COMPETES Act

Referring to the efforts of Senate Majority Leader Chuck Schumer (DN.Y.) and his colleagues to legalize the facility and their prioritization of the sweeping legalization legislation they plan to officially introduce in April, he said he “questioned whether they have the votes to get something of that magnitude through the Senate, which hasn’t actually had a hearing on marijuana in more than 50 years.”

Still, Perlmutter, who is retiring at the end of the session, said he intends to “keep working with the Senate, working with Schumer’s office, working with him.” [Sen. Cory Booker’s (D-NJ)] office work with [Sen. Steve Daines (R-MT)]a Republican campaigning in the Senate for this bill, and we’re going to get it across the finish line.

RELATED: Financial watchdog calls cannabis unbanked a serious market failure

“I’m really quite confident that it’s with that [the America COMPETES Act] or something else, we’ll take care of it,” Perlmutter continued.

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What’s next?

Looking ahead, congressmen said the proposal could be further amended now as Democratic leadership suggests it’s too narrow.

“They support it, but they just want to try and get some bigger pieces on it,” Perlmutter said. “If they can add research, if they can add criminal justice reform, if they can add some tax components, I’m all for it. But we have something to pass on to the President this year.”

This article originally appeared on Benzinga and has been republished with permission.