Revised Cannabis Banking Bill Hits US Senate Floor
Senate Majority Leader Chuck Schumer officially filed a revised cannabis banking bill on September 20, a week before it is scheduled to go to a vote. The bill, renamed the Secure and Fair Enforcement Regulation (SAFER) Banking Act, is designed to help legal cannabis businesses be able to access banking services including financial accounts and loans.
BREAKING:
We're introducing the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
This will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions. pic.twitter.com/7SEiJEu9nV
— Chuck Schumer (@SenSchumer) September 20, 2023
“This legislation will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans,” Sens. Jeff Merkley, Steve Daines, and Chuck Schumer said in a joint statement. “It also prevents federal bank regulators from ordering a bank or credit union to close an account based on reputational risk.”
Schumer said he wants to attach related legislation to expunge cannabis convictions and restore gun rights for medical cannabis patients.
“I’ve long advocated for expungement of records for cannabis offences, and with SAFER Banking moving through the committee in such a strong, bipartisan way, I believe now is the time to get it done,” Schumer said.
Although many US states have legalized cannabis for recreational and/or medical use, cannabis is still illegal at the federal level. The history of the bill goes back at least four years with the introduction of the SAFE Banking Act, but it fizzled. Now, it looks like this cannabis banking bill will be voted on within a week.
“I look forward to seeing the bill pass out of committee, so we can vote on it on the Senate floor,” Schumer said.
Revised Cannabis Banking Bill Still a Long Way from Legalization – LPC
Although the revised cannabis banking bill, if passed, would mark a significant step forward, it’s a long way from cannabis legalization. Coincidentally – or perhaps not – the bill comes forward as the US Drug Enforcement Administration (DEA) begins its review of cannabis scheduling. This comes after the US Health Department suggested the DEA reclassify cannabis from a Schedule 1 drug, on par with heroin.
It may be a baby step, but cannabis industry associations are applauding the cannabis banking bill.
The American Trade Association for Cannabis and Hemp (ATACH) – along with trade groups representing cannabis businesses in 16 states plus Washington, DC – sent a letter to Brown and Banking Committee Ranking Member Tim Scott in July, asking the committee to pass the bill “without further delay”. The American Bankers Association (ABA) and all 50 of its state chapters also renewed its call for the revised cannabis banking bill.
It is still uncertain whether or not the bill will pass. But there are good signs. Rep. Cory Booker, who previously said he would “lay myself down” to block any similar bill before the end of cannabis prohibition, now supports the bill. The fact that the bill is bipartisan is another good sign.
Whatever the outcome of the cannabis banking bill, it seems that the will to legalize cannabis is slowly marching forward in the United States.
Read the Original Story at Marijuana Moment
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