{"id":57107,"date":"2022-09-14T09:30:26","date_gmt":"2022-09-14T17:30:26","guid":{"rendered":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2022\/09\/14\/marijuana-banking-sponsors-step-up-reform-push-as-industry-holds-over-100-lobbying-meetings-in-congress-this-week\/"},"modified":"2022-09-14T19:46:40","modified_gmt":"2022-09-15T03:46:40","slug":"marijuana-banking-sponsors-step-up-reform-push-as-industry-holds-over-100-lobbying-meetings-in-congress-this-week","status":"publish","type":"post","link":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2022\/09\/14\/marijuana-banking-sponsors-step-up-reform-push-as-industry-holds-over-100-lobbying-meetings-in-congress-this-week\/","title":{"rendered":"Marijuana Banking Sponsors Step Up Reform Push As Industry Holds Over 100 Lobbying Meetings In Congress This Week"},"content":{"rendered":"

<\/p>\n

Bipartisan congressional lawmakers are stepping up the push to pass a marijuana banking bill this year at the same time cannabis business leaders are descending upon Washington, D.C. for lobby days organized by a leading cannabis industry association. And at a press briefing on Wednesday, a senator gave updated details about possible additions to the legislation.<\/p>\n

As Senate leadership works to finalize a package of marijuana reforms that\u2019s expected to include banking provisions, the bipartisan and bicameral sponsors of the Secure and Fair Enforcement (SAFE) Banking Act say it\u2019s time to take action on the House-passed standalone legislation.<\/p>\n

The National Cannabis Industry Association (NCIA) ramped up its advocacy for the bill this week, bringing in more than 100 stakeholders for two days of lobbying on Capitol Hill involving more than 100 meetings with lawmakers and staff to drive home the point that they want to see the SAFE Banking Act enacted in 2022. The bill has passed the House in some form seven times now, but it\u2019s stalled in the Senate under both Democratic and Republican control.<\/p>\n

At a press conference on Wednesday, sponsors of the standalone banking bill reiterated the urgency of enacting reform this session, reiterating the public safety imperative of giving the cannabis industry access to the financial system.<\/p>\n

Sen. Jeff Merkley (D-OR) talked about examples of violent crime targeting marijuana businesses and workers, as well as the bipartisan support the standalone legislation.<\/p>\n

\u201cIt\u2019s a political positive. It\u2019s good policy and good politics,\u201d he said. \u201cSo we\u2019re here today to say it\u2019s way past time to get the SAFE Banking bill done.\u201d<\/p>\n

He also outlined additional provisions under consideration to build upon the financial services reform as part of a broader package that\u2019s being called \u201cSAFE Banking Plus.\u201d<\/p>\n

The forthcoming legislation \u201cmight\u201d include funding for Community Development Financial Institutions, expungements for prior cannabis convictions and a \u201cprocess of no job discrimination\u201d for people with marijuana-related criminal records in now-legal states, he said.<\/p>\n

It\u2019s not exactly clear what kind of job-related protections might be involved, as the senator suggested. That detail hasn\u2019t been previously reported. But he signaled that workplace policies may be part of the \u201cPlus\u201d plan alongside other much-discussed components such as research- and veterans-focused provisions.<\/p>\n

\n

Rep. Ed Perlmutter (D-CO) said SAFE Banking \u201cobviously is a public safety issue. It is a tax issue. It is an issue of civil justice.\u201d<\/p>\n

\u201cWe can get this done. We will get this done. We need some more Republican cosponsors\u201d that the congressman expects will join them \u201csoon.\u201d<\/p>\n

\u201cI know, in the House, that whatever they pass in the Senate, we will get passed in the House. And this will be law by the end of this year, with your help and your hard work,\u201d he said.<\/p>\n

The congressman also said that he\u2019s increasingly tempted to \u201cgo to the nuclear option\u201d in the House Rules Committee of \u201cholding up\u201d separate legislation like the National Defense Authorization Act (NDAA)\u2014where cannabis banking provisions are included in the House version.<\/p>\n

\u201cMy time is short here, alright? And with each passing day, I\u2019m more likely to do the nuclear option of trying to hold something up,\u201d he said. \u201cBut I don\u2019t think we\u2019re going to need to do that.\u201d<\/p>\n

Perlmutter also said talked about a legalization bill filed by Senate leadership in July, saying it\u2019s a \u201cgreat\u201d and \u201cvery sweeping piece of legislation,\u201d but the political reality is it doesn\u2019t have enough support to clear the Senate.<\/p>\n

\n

Nine years after first introducing this legislation and the industry is still forced to operate primarily in cash. That\u2019s not right. <\/p>\n

We need to save lives and create a more equitable industry, and in order to so, the Senate needs to act.<\/p>\n

Pass #SAFEBankingNow<\/a>. #SAFEBanking<\/a> https:\/\/t.co\/7c2OrNl18g<\/a><\/p>\n

\u2014 Rep. Ed Perlmutter (@RepPerlmutter) September 14, 2022<\/a><\/p>\n<\/blockquote>\n

\n

\u201cEvery legal business deserves the same access to the same resources as any other\u2014resources like bank accounts, loans, payment processing, and so much more,\u201d Merkley separately said in a press release on Wednesday. \u201cWhen it comes to cannabis, the country is changing fast and it\u2019s long past time that our federal laws caught up.\u201d<\/p>\n

\u201cWith more and more states across the country voting to change their cannabis laws, we cannot keep forcing these legitimate businesses to operate entirely with cash. This is a nonsensical rule that is an open invitation to robbery and money laundering. Let\u2019s make 2022 the year that we get this bill signed into law so we can ensure that all legal cannabis businesses have access to the financial services they need to help keep their employees and communities safe.\u201d<\/p>\n

Merkley also recently gave additional details about the state of negotiations<\/a> for SAFE Banking Plus, the cannabis omnibus legislation that Senate Majority Leader Chuck Schumer (D-NY) has been working on with members in both parties and both chambers.<\/p>\n

Merkley said last week that \u201cit\u2019s time to close the deal\u201d on the measure, the text of which has not been released yet. Beside protecting banks that work with state-legal marijuana businesses, he said that package is likely to include provisions to facilitate expungements of cannabis convictions and fund community grant and reinvestment programs.<\/p>\n

Sen. Steve Daines (R-MT), the GOP lead on the standalone legislation, wasn\u2019t present at the press conference on Wednesday, but he stressed in a press release that this is a \u201cpublic safety issue\u2014when legal Montana cannabis businesses don\u2019t have a way to safely conduct business and are forced to operate in all cash our communities become vulnerable to crime.\u201d<\/p>\n

\u201cOur bipartisan bill provides the needed certainty for Montana businesses to freely use banks, credit unions and other financial institutions without worrying about punishment,\u201d he said. \u201cI stand with the attorneys general across America that want to increase public safety and reduce crime\u2014it\u2019s time we pass our bipartisan SAFE Banking Act.\u201d<\/p>\n

Perlmutter added in the press release that \u201cwe need to save lives and create a more equitable industry, and in order to do so, the Senate needs to pass SAFE Banking.\u201d<\/p>\n

\n

\u201cFrom now until the end of the year, there\u2019s a real opportunity to take a meaningful first step in enacting some sort of commonsense cannabis reform,\u201d the congressman said, seemingly acknowledging the plans to expand on the standalone banking bill. \u201cI implore my colleagues in the Senate to do so.\u201d<\/p>\n

\u2014
\nMarijuana Moment is tracking more than 1,500 cannabis, psychedelics and drug policy bills<\/a> in state legislatures and Congress this year. Patreon supporters<\/a> pledging at least $25\/month get access to our interactive maps, charts and hearing calendar so they don\u2019t miss any developments.<\/strong>
\n\"\"<\/a>
\nLearn more about our marijuana bill tracker<\/a> and become a supporter on Patreon<\/a> to get access.
\n\u2014<\/strong><\/strong><\/p>\n

Previously, Perlmutter and Merkley laid out next steps for the cannabis banking reform<\/a>\u00a0at a briefing organized by the U.S. Cannabis Council (USCC) in July.<\/p>\n

While key Senate Democrats like Schumer, Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) have maintained a firm position that cannabis banking should not advance without equity components, it remains to be seen whether enough Republicans would embrace that approach to secure the required 60 votes to pass in the chamber.<\/p>\n

The three senators separately\u00a0filed a large-scale legalization bill in July<\/a>, but it\u2019s all but certain that there\u2019s not enough support to push that through the Senate.<\/p>\n

Accordingly, Schumer and Booker have more openly embraced the idea of a \u201ccompromise\u201d<\/a> as the leader has worked to build consensus on the alternative package of incremental reforms. Those talks have included lawmakers like Rep. Dave Joyce (R-OH), a Congressional Cannabis Caucus co-chair.<\/p>\n

While Merkley seemed to be optimistic about SAFE Plus at last week\u2019s PBC Conference, others are less confident that there\u2019s enough time left to pass the package this session.<\/p>\n

For example, Rodney Hood, a former chairman of the National Credit Union Administration (NCUA) and current board member of the agency, said at the conference that he\u2019d \u201cbe surprised if Congress moved on this issue this year.\u201d<\/p>\n

\u201cIt\u2019s not impossible, but the available time grows short,\u201d he\u00a0said. \u201cWe\u2019re just a few weeks away from midterm elections, so we\u2019re very likely looking at next year, at the earliest.\u201d<\/p>\n

Meanwhile, the Senate came back into session last week following the August recess. At a recent press briefing, Schumer talked about plans to advance certain bills in the coming weeks, but he did not specifically mention any cannabis-related legislation.<\/p>\n

While lawmakers have been discussing plans to pass some kind of cannabis standalone legislation to resolve the banking problem, another option that\u2019s still on the table is enacting the SAFE Banking Act as a provision of a large-scale defense bill. The House-passed version of the National Defense Authorization Act (NDAA) contains the banking language<\/a>, though it was not in the Senate version, and it remains to be seen whether it will be included in the final, must-pass package sent to the president\u2019s desk.<\/p>\n

According to a poll from Independent Community Bankers of America (ICBA)\u00a0that was released last week<\/a>, a majority of American voters (65 percent) support allowing banks to work with state-legal marijuana businesses\u2014and most people believe it will both improve public safety and promote social equity.<\/p>\n

The\u00a0survey results\u00a0are consistent with the findings of a separate poll<\/a>\u00a0from the American Bankers Association (ABA) that was released in March. It also showed that 65 percent of Americans back the marijuana banking reform.<\/p>\n

Separately, the non-partisan National Conference of State Legislatures (NCSL)\u00a0recently voted to adopt a revised policy directive<\/a>\u00a0that expresses support for federal marijuana descheduling and cannabis banking reform amid the state-level legalization movement.<\/p>\n

Cannabis Regulators of Color Coalition (CRCC) released a paper last month that outlined what they view as shortcomings of the standalone SAFE Banking Act and recommended\u00a0several amendments to bolster its equity impact<\/a>.<\/p>\n

Booker said at an event organized by CRCC last month that\u00a0the standalone legislation \u201crequires changes\u201d<\/a>\u00a0if it\u2019s going to advance before cannabis is federally legalized.<\/p>\n

The senator initially signaled that he was coming around to marijuana banking reform (contingent on equity provisions) at a\u00a0Senate Judiciary subcommittee hearing<\/a>\u00a0in July that he convened as chairman.<\/p>\n

Meanwhile, Perlmutter also said in a recent interview that he feels the introduction of the Senate legalization bill alone means that lawmakers have overcome a legislative \u201churdle\u201d<\/a>\u00a0that\u2019s kept SAFE Banking from advancing in the chamber.<\/p>\n

\n

Small Marijuana Growers Could Sell Directly To Consumers Across State Lines Under New Congressional Bill<\/a><\/p>\n<\/blockquote>\n

\n

Image element courtesy of Tim Evanson<\/a>.<\/em><\/p>\n

The post Marijuana Banking Sponsors Step Up Reform Push As Industry Holds Over 100 Lobbying Meetings In Congress This Week<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n


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Bipartisan congressional lawmakers are stepping up the push to pass a marijuana banking bill this year at the same time cannabis business leaders are descending upon Washington, D.C. for lobby days organized by a leading cannabis industry association. And at a press briefing on Wednesday, a senator gave updated detailsContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":57108,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,81,126],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/57107"}],"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=57107"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/57107\/revisions"}],"predecessor-version":[{"id":57109,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/57107\/revisions\/57109"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/57108"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=57107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=57107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=57107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}