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The U.S. House of Representatives on Thursday formally attached a marijuana banking reform amendment to a large-scale bill dealing with innovation and manufacturing\u2014the latest development in a years-long effort to protect financial institutions that work with state-legal cannabis businesses.<\/p>\n
The amendment from sponsor Rep. Ed Perlmutter (D-CO) was preliminarily approved on a voice vote<\/a> as part of an en bloc group with other amendments on Wednesday, but a roll call was requested. The chamber took that package back up on Thursday and passed it in a 262-168 vote.<\/p>\n There was no floor debate about the cannabis provision itself, demonstrating how relatively noncontroversial the bipartisan-supported reform is in the House. The Senate, as observers of the issue know, is a different story.<\/p>\n Next, advocates will wait to see if the full America COMPETES Act\u2014with the newly attached Secure and Fair Enforcement (SAFE) Banking Act\u2014will officially pass the House on Friday, when a final vote is expected. The banking amendment was first made in order by the Rules Committee for floor consideration<\/a>\u00a0on Tuesday.<\/p>\n Stakeholders have long been pushing for the SAFE Banking Act as a modest step toward reforming federal marijuana laws. Perlmutter previously tried to get the policy change enacted through a large-scale defense bill, but the language was stripped following bicameral negotiations<\/a>.<\/p>\n NEW: #SAFEBanking<\/a> has been formally added to #AmericaCOMPETES<\/a>. I appreciate the bipartisan support from my colleagues and look forward to the final vote on the package tomorrow.<\/p>\n \u2014 Rep. Ed Perlmutter (@RepPerlmutter) February 3, 2022<\/a><\/p>\n<\/blockquote>\n\n The congressman shifted much of the blame on Senate Majority Leader Chuck Schumer (D-NY), who has insisted on advancing comprehensive legalization legislation like the bill he\u2019s finalizing before moving the banking bill.<\/p>\n \u2014 The Senate already passed its related version of the new innovation bill, with a focus on competing with China trade, and that legislation does not contain the cannabis banking language. What that means is that there will likely be another round of\u00a0 bicameral negotiations that could decide the fate of the marijuana reform through this latest vehicle.<\/p>\n At Tuesday\u2019s Rules Committee hearing, Perlmutter said that he\u2019s planning to offer the SAFE Banking Act as an amendment to \u201cevery single bill I possibly can until it\u2019s passed,\u201d and he acknowledged that his colleagues are probably \u201cbecoming all too familiar with\u201d the legislation in light of his repeated advocacy for it.<\/p>\n While Schumer may have played a key role in blocking SAFE Banking through the National Defense Authorization Act late last year after the House attached the cannabis language to its version of the bill, he did say in a meeting with equity advocates last week that he\u2019s open to passing cannabis banking reform\u00a0if additional provisions were attached<\/a>\u00a0that specifically benefit communities most impacted by prohibition.<\/p>\n Still, stakeholders have grown impatient with the leader\u2019s interference in passing the SAFE Banking Act given that it\u2019s considered a passable, bipartisan bill, whereas comprehensive legalization does not have a clear path in the Senate, even with a slim Democratic majority.<\/p>\n Perlmutter, meanwhile, is retiring from Congress after this session and has emphasized that he\u2019s\u00a0committed to passing his bill first<\/a>.<\/p>\n Even some Republicans are scratching their heads about how Democrats have so far failed to pass the modest banking reform with majorities in both chambers and control of the White House. For example, Rep. Rand Paul (R-KY)\u00a0criticized his Democratic colleagues over the issue<\/a>\u00a0last month.<\/p>\n In the interim, federal financial regulator Rodney Hood\u2014a board member and former chairman of the federal National Credit Union Administration (NCUA)\u2014recently said that marijuana legalization is not a question of \u201cif\u201d but \u201cwhen,\u201d and he\u2019s again offering advice on\u00a0how to navigate the federal-state conflict<\/a>\u00a0that has left many banks reluctant to work with cannabis businesses.<\/p>\n Utah Lawmakers Vote To Study Benefits Of Psychedelics In Treating Mental Health Disorders<\/a><\/p>\n<\/blockquote>\n\n The post House Officially Approves Marijuana Banking Amendment To Large-Scale Bill Set For Final Passage Friday<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
The U.S. House of Representatives on Thursday formally attached a marijuana banking reform amendment to a large-scale bill dealing with innovation and manufacturing\u2014the latest development in a years-long effort to protect financial institutions that work with state-legal cannabis businesses. The amendment from sponsor Rep. Ed Perlmutter (D-CO) was preliminarily approvedContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":52711,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,81],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/52710"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/458"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=52710"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/52710\/revisions"}],"predecessor-version":[{"id":52712,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/52710\/revisions\/52712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/52711"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=52710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=52710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=52710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\nRead More: House Officially Approves Marijuana Banking Amendment To Large-Scale Bill Set For Final Passage Friday<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"