{"id":58690,"date":"2022-11-29T09:57:56","date_gmt":"2022-11-29T17:57:56","guid":{"rendered":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2022\/11\/29\/major-financial-association-and-44-state-partners-demand-marijuana-banking-vote-in-the-senate-before-years-end\/"},"modified":"2022-11-29T17:45:54","modified_gmt":"2022-11-30T01:45:54","slug":"major-financial-association-and-44-state-partners-demand-marijuana-banking-vote-in-the-senate-before-years-end","status":"publish","type":"post","link":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2022\/11\/29\/major-financial-association-and-44-state-partners-demand-marijuana-banking-vote-in-the-senate-before-years-end\/","title":{"rendered":"Major Financial Association And 44 State Partners Demand Marijuana Banking Vote In The Senate Before Year\u2019s End"},"content":{"rendered":"

<\/p>\n

A major national banking association, along with 44 state partners, is asking Senate leadership to bring a House-passed marijuana banking reform bill to a vote on the floor \u201cwithout further delay.\u201d<\/p>\n

In a letter sent to Senate Majority Leader Chuck Schumer (D-NY) and Minority Leader Mitch McConnell (R-KY) on Monday, the Independent Community Bankers of America (ICBA) asked for urgent consideration of the Secure and Fair Enforcement (SAFE) Banking Act, before the end of the year.<\/p>\n

\u201cThe SAFE Banking Act is essential for the ongoing ability of community banks to effectively serve their communities,\u201d the letter says. \u201cThe Act would also alleviate the significant threat to public safety posed by cash intensive CRBs effectively being shut out of the banking industry.\u201d<\/p>\n

ICBA said that the legislation should be advanced during the lame duck session either as a standalone bill or as an amendment to another proposal.<\/p>\n

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ICBA and 44 affiliated state community banking associations called on Senate leaders to take up and pass ICBA-advocated legislation to establish a cannabis banking safe harbor in states where cannabis is legal. #SAFEBankingAct<\/a> https:\/\/t.co\/Ydh16rNwtH<\/a><\/p>\n

\u2014 Independent Community Bankers of America (@ICBA) November 29, 2022<\/a><\/p>\n<\/blockquote>\n

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Schumer has been working to finalize a package of marijuana reform legislation that\u2019s expected to contain the language of the SAFE Banking Act, as well as a separate bipartisan proposal on expunging prior cannabis convictions.<\/p>\n

Talks on that omnibus bill have been intensifying in recent weeks, with the majority leader discussing the proposal with key bipartisan senators. But time is running thin, and advocates say it\u2019s critical that the Senate act soon given that Republicans will have the majority in the House<\/a> following this month\u2019s election.<\/p>\n

\u201cThis legislation enjoys strong, bipartisan support, would resolve a conflict between state and federal law, and addresses a critical public safety concern,\u201d ICBA, which commissioned a poll demonstrating that support<\/a> earlier this year, said. \u201cWe urge its enactment without further delay.\u201d<\/p>\n

Another poll released on Monday found that three in four American voters\u2014including bipartisan majorities\u2014support ending federal marijuana prohibition<\/a>, expunging prior convictions and allowing banks to work with state-legal cannabis businesses.<\/p>\n

ICBA and other financial associations like the American Bankers Association (ABA) have long been pushing for the enactment of the SAFE Banking Act<\/a>, urging Senate leadership to consider various vehicles for the reform.<\/p>\n

Schumer has felt that pressure. And he said late last month that Congress is getting \u201cvery close\u201d<\/a> to introducing and passing the marijuana banking and expungements bill, citing progress he\u2019s made in discussions with a \u201cbunch of Republican senators.\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.
\n\"\"<\/a>
\nLearn more about our marijuana bill tracker<\/a> and become a supporter on Patreon<\/a> to get access.
\n\u2014<\/strong><\/p>\n

Sen. Cory Booker (D-NJ), meanwhile, said following the election that Democrats who want to enact cannabis reform\u00a0must either do it \u201cnow\u201d during the lame duck session<\/a>\u00a0or wait until \u201cmany years from now\u201d when his party has a shot at controlling Congress again.<\/p>\n

For some advocates, support for the so-called \u201cSAFE Plus\u201d package will be largely contingent on what happens with the banking language, as they\u2019re discontent with the current provisions that have passed the House in some form seven times now.<\/p>\n

Specifically, they\u2019d like to see the bill amended to provide funding for Minority Deposit Institutions (MDIs) and Community Development Financial Institutions (CDFIs) that lend commercial loans to minority-owned businesses.<\/p>\n

They\u2019re further calling for changes to require banks that work with the cannabis industry to demonstrate non-discrimination in lending, as Supernova Women Executive Director Amber Senter\u00a0wrote in a recent op-ed for Marijuana Moment<\/a>.<\/p>\n

These amendments align with some of the SAFE Banking Act recommendations that Cannabis Regulators of Color Coalition (CRCC)\u00a0outlined in a paper sent to legislative leaders<\/a>\u00a0in August.<\/p>\n

Advocates don\u2019t necessarily believe that GOP-controlled House means that cannabis reform will be dead on arrival in the chamber, especially with Republican reform champions like Rep. Dave Joyce (R-OH) and Rep. Nancy Mace (R-SC), the sponsor of a legalization bill that she filed earlier this year<\/a>.<\/p>\n

\u201cI don\u2019t want us to sit on the sidelines and do nothing next session like we always have,\u201d Mace\u00a0recently told Marijuana Moment<\/a>. \u201cWe\u2019ve got to modernize our laws, modernize our regulations. We need to make sure that we\u2019re not funding the cartels by not moving the ball forward\u2014that we are being smart about it and saving lives. This is where we can make that work happen.\u201d<\/p>\n

The congresswoman said that she hoped her GOP colleagues watched last week\u2019s House Oversight subcommittee\u00a0hearing on federal and state marijuana reform<\/a>\u00a0that she helped put together as ranking member. She said it underscored how the issue could be thoughtfully discussed and advanced on a bipartisan basis.<\/p>\n

Meanwhile, as those talks continue, lawmakers are still exploring additional cannabis reforms.<\/p>\n

For example, Rep. Jamie Raskin (D-MD) said at this month\u2019s hearing in the Oversight subcommittee that he chairs that he will soon be introducing a bill<\/a>\u00a0aimed at protecting federal workers from being denied security clearances over marijuana.<\/p>\n

Sen. Jacky Rosen (D-NV) has filed a bill that would allow<\/a>\u00a0state-legal cannabis businesses to access certain federal Small Business Administration (SBA) loans and services that are available to companies in any other industry.<\/p>\n

Sen. John Hickenlooper (D-CO) recently announced\u00a0that he will soon be introducing legislation<\/a>\u00a0to direct the attorney general to create a commission charged with making recommendations on a regulatory system for marijuana that models what\u2019s currently in place for alcohol.<\/p>\n

Read the new letter<\/a> from the banking associations on Senate consideration of the SAFE Banking Act below:<\/strong><\/p>\n

\n

\n

Three In Four Americans Support Marijuana Legalization, Expungements And Banking Reform, New Poll Finds<\/a><\/p>\n<\/blockquote>\n

\n

The post Major Financial Association And 44 State Partners Demand Marijuana Banking Vote In The Senate Before Year\u2019s End<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n


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\nRead More: Major Financial Association And 44 State Partners Demand Marijuana Banking Vote In The Senate Before Year\u2019s End<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A major national banking association, along with 44 state partners, is asking Senate leadership to bring a House-passed marijuana banking reform bill to a vote on the floor \u201cwithout further delay.\u201d In a letter sent to Senate Majority Leader Chuck Schumer (D-NY) and Minority Leader Mitch McConnell (R-KY) on Monday,Continue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":58691,"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\/58690"}],"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=58690"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/58690\/revisions"}],"predecessor-version":[{"id":58692,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/58690\/revisions\/58692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/58691"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=58690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=58690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=58690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}