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A bipartisan marijuana banking bill that House and Senate lawmakers refiled this week<\/a> is getting praise from many of the major marijuana industry stakeholders and financial institutions who\u2019ve backed earlier versions of the reform. And key advocates\u2014 including critics of the measure\u2019s limited equity provisions\u2014are giving tepid support for revisions in the latest version, urging further work on the legislation as it advances.<\/p>\n That work could also mean making changes that assuage the concerns of Senate Banking Committee Chairman Sherrod Brown (D-OH), whose panel is expected to be the first to take up the bill. The senator said on Thursday that committee consideration is being delayed because banking industry representatives are trying to use the legislation to \u201cweaken bank rules\u201d and \u201cundermine\u201d regulations\u2014though it\u2019s not immediately clear what he meant by that.<\/p>\n Nothing says a bill is serious like having @JulieNBCNews<\/a> ask your questions about a hearing date for #SAFEBanking<\/a>. pic.twitter.com\/al1bxtgUCw<\/a><\/p>\n \u2014 Don Murphy (@donmurphy12a) April 27, 2023<\/a><\/p>\n<\/blockquote>\n\n In any case, the Secure and Fair Enforcement (SAFE) Banking Act is considered one of the more passable pieces of cannabis legislation this session under a divided Congress with Republicans in control of the House. And while earlier versions faced scrutiny from certain equity-focused advocates, they\u2019re encouraged by certain changes, indicating that the bill\u2019s coalition of supporters could strengthen this session.<\/p>\n The legislation\u2014which is being sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), along with Reps. Dave Joyce (R-OH) and Earl Blumenauer (D-OR)\u2014would safeguard banks that work with state-legal cannabis businesses against being penalized by federal regulators.<\/p>\n Last Congress, there was some pushback against the standalone proposal, with equity advocates voicing concern that its passage would primarily benefit large marijuana corporations, while potentially undercutting efforts to enact comprehensive legalization that addresses the harm of the war on drugs.<\/p>\n But there seems to be agreement around a new strategy that lawmakers have described: get a clean SAFE Banking Act through committee and onto the floor where they could attach justice-focused amendments and create a \u201cSAFE Plus\u201d package.<\/p>\n The standalone does contain some changes from the last version that advocates have applauded, including protections for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) that make commercial loans to minority-owned businesses.<\/p>\n Another addition to the bill that wasn\u2019t in prior versions provides marijuana industry workers access to federally backed mortgage loans.<\/p>\n Further, the bill\u2019s data collection and reporting requirements have been revised in a way that advocates say will provide more robust information about barriers to financial services and marijuana industry participation by minorities, women, veterans and small businesses.<\/p>\n The legislation also clarifies that the financial protections apply to the hemp market, as well as marijuana businesses.<\/p>\n Here\u2019s how advocates and stakeholders are reacting to the refiled SAFE Banking Act:\u00a0<\/strong><\/p>\n American Bankers Association (ABA)<\/p>\n \u201cThis commonsense, bipartisan bill, which has already cleared the House multiple times, would resolve the ongoing conflict between state and federal law so that banks can serve state-authorized cannabis and cannabis-related businesses,\u201d ABA said in a statement.<\/p>\n This commonsense, bipartisan bill would resolve the ongoing conflict between state and federal law so that banks can serve state-authorized cannabis and cannabis-related businesses, and would also enhance public safety.<\/p>\n \u2014 American Bankers Association (@ABABankers) April 27, 2023<\/a><\/p>\n<\/blockquote>\n\n \u201cThe SAFE Banking Act would also enhance public safety, tax collection and financial transparency, and national surveys show a strong majority of Americans support this bill,\u201d the association said. \u201cWe urge Congress to consider this legislation without delay.\u201d<\/p>\n \u201cWe are delighted to see the SAFE Banking Act reintroduced with some of the changes we have been advocating for,\u201d Dasheeda Dawson, chair of CRCC, said in a press release. \u201cHowever, more needs to be done to establish a fairer playing field\u2014especially for those that have been most harmed by prohibition and continue to face extreme barriers to entry.\u201d<\/p>\n Dawson proposed additional \u201crelatively minor changes\u201d to the standalone bill, including language that would prevent financial institutions from using a person\u2019s prior marijuana conviction record as the basis for automatically flagging their accounts.<\/p>\n \u201cWithout this type of change, marijuana criminal records will continue to be a significant barrier towards participation in state-legal marijuana industries, disproportionately impacting Black, Latinx and Indigenous entrepreneurs,\u201d she said. \u201cIt could also lead to federal interference against state licensing programs that have attempted to create more diverse ownership opportunities. Incorporating these additional technical changes to the bill could go a long way in ensuring commercial lending access for minority and directly-impacted marijuana businesses.\u201d<\/p>\n CRCC Vice Chair Cat Packer said that \u201cthere are several technical amendments that can be made to SAFE to make banking access more FAIR. That\u2019s what the F in SAFE stands for by the way!\u201d<\/p>\n \u2014 Cat Packer (@cat_packer) April 27, 2023<\/a><\/p>\n<\/blockquote>\n\n \u201cThis legislation provides safe, mainstream options for state-legalized businesses to conduct their financial needs,\u201d CUNA President and CEO Jim Nussle said. \u201cWe appreciate Senators Merkley and Daines, and Representatives Joyce and Blumenauer, for introducing this bipartisan legislation in both chambers, and will work to advance the bills this Congress.\u201d<\/p>\n Troy Stang, CEO of GoWest Credit Union Association, added that \u201cthis is a critical public safety issue for our communities, and this is common sense legislation.\u201d<\/p>\n \u201cThe improvements to the study and data collection provisions in the SAFE Banking Act are a welcome addition to the bill,\u201d Maritza Perez Medina, director of the office of federal affairs at DPA, said. \u201cThese minor modifications to the bill will ensure that timely and more comprehensive data collection takes place to measure whether banking services are being provided in a fair way.\u201d<\/p>\n \u201cWhile there remains much more work to be done and we remain neutral on the legislation, the changes are an encouraging sign that the bill is headed in the right direction,\u201d she said. \u201cAs this legislation moves forward, more should be done to lessen the barriers to entry small marijuana businesses face in obtaining commercial lending. Without this, it remains impossible for them to compete with large, multi-state operators.\u201d<\/p>\n \u201cAs such, we look forward to continuing working with stakeholders to improve this bill in a way that most benefits the communities that have been disproportionately impacted by prohibition,\u201d Perez Medina said<\/a>.<\/p>\n \u201cMCBA has been working diligently to improve this bill over the last few years, and we are grateful that our suggestions have been incorporated into the latest text,\u201d MCBA President Kaliko Castille said. \u201cWe believe the final bill can be a crucial first step in ensuring a more equitable cannabis industry and look forward to partnering with Republican and Democratic offices to address the public safety issues at hand by passing this bi-partisan bill that is supported by small businesses around the country.\u201d<\/p>\n Saphira Galoob, executive director of NCR, said that the legislation is \u201ccritical for public safety, allowing cannabis companies that are currently forced to operate in cash-heavy manners to bank their businesses like any other domestic industry.\u201d<\/p>\n While #SAFEBanking<\/a> should include access to the full array of financial resources currently denied to domestic cannabis operators, including institutional investments & the senior exchanges, we are hopeful that this critical language will be added during the committee process. pic.twitter.com\/UpnvUw5YMD<\/a><\/p>\n \u2014 National Cannabis Roundtable (@FollowNCR) April 26, 2023<\/a><\/p>\n<\/blockquote>\n\n \u201cNCR looks forward to this bill\u2019s consideration through the regular committee process in the Senate, and to working with those on both sides of the Capitol to get this important bill across\u00a0 the finish line,\u201d she said. \u201cBy passing SAFE Banking and providing meaningful access to capital, Congress can enhance public safety and crack down on Chinese-backed illicit operations, support jobs in 38 states with legal programs, and create equitable economic opportunities for American businesses.\u201d<\/p>\n \u201cIf cannabis businesses are to have any hope of operating safely, transparently, and in a manner that is competitive with the existing underground market, Congress must pass SAFE Banking now,\u201d NORML Political Director Morgan Fox said in a press release. \u201cIt is irresponsible to shut this heavily regulated industry out of the US financial system. Every day that Congress fails to act further endangers small businesses and consumers, puts regulators and law enforcement at a disadvantage, and facilitates the activities of unlicensed operators and criminal organizations.\u201d<\/p>\n \u201cThe vast majority of Americans across the political spectrum support cannabis banking reform,\u201d Fox said. \u201cEven lawmakers representing the rapidly dwindling number of states without some form of regulated cannabis market should be able to see the necessity of passing this narrowly tailored, commonsense legislation that encourages small business growth, improves accountability, and saves lives.\u201d<\/p>\n Shaleen Title, founder and director of the Parabola Center, which is neutral on the bill, told Marijuana Moment that the changes in the latest banking bill \u201care minor.\u201d<\/p>\n \u201cEven with the changes, the bill might still do more harm than good by widening inequities and leaving the small businesses currently without banking in an even worse position,\u201d she said. \u201cBut, minor changes are real and their minor impact is real, and more importantly, the changes demonstrate that the sponsors are listening and willing to adapt. The next step is to rally around more improvements as the bill progresses.\u201d<\/p>\n USCC \u201cwelcomes today\u2019s introduction of the SAFE Banking Act,\u201d Chair Jessica Billingsley said. \u201cThe bill provides vital protections for regulated cannabis businesses\u2013including small businesses and entrepreneurs\u2013to access financial services on a more level playing field with other industries.\u201d<\/p>\n \u201cFederal law has forced the nation\u2019s $30+ billion cannabis industry to conduct business almost entirely in cash,\u201d she said. \u201cAs a result, dispensaries have become an attractive target for armed criminals, and lives have been lost. This status quo benefits armed robbers and illicit operators\u2013and no one else.\u201d<\/p>\n \u201cThe bill enjoys strong, bipartisan and bicameral support, and we look forward to engaging with leaders in both chambers to secure its passage,\u201d she added. \u201cWe are thankful for the ongoing support of the bill\u2019s bipartisan lead sponsors in advancing this critical legislation.\u201d<\/p>\n \u2014 Again, the first hurdle for the bill will be clearing the Senate Banking Committee\u2014and while the chairman has previously signaled his interest in advancing it with equity amendments, he said this week that he\u2019s \u201cskeptical\u201d about measures that bankers use to influence broader regulations. He did have an answer for when the legislation might be taken up in his panel.<\/p>\n For his part, Senate Majority Leader Chuck Schumer (D-NY) is reiterating his commitment to advancing the marijuana banking legislation with criminal justice provisions included, calling the broader effort to repair the harms of the drug war a \u201cmoral responsibility\u201d for Congress<\/a>.<\/p>\n \u201cRight now, the norm for the cannabis businesses is to operate on all cash, and that is simply not fair: it exposes them to too many risks and stifles their opportunities to grow,\u201d Schumer said. \u201cCongress should be in the business of promoting entrepreneurs, promoting job growth, not holding these things back.\u201d<\/p>\n With a divided Congress that has Republicans in control of the House, the expectation is that lawmakers will need to focus on incremental marijuana measures like the banking bill, instead of broader justice-centered legalization, to get any amount of reform passed this session.<\/p>\n But a vote in the Senate on Wednesday has raised questions about whether any modest cannabis reform is achievable under the current congressional makeup. Senate Republicans\u00a0blocked a procedural motion to advance a bipartisan bill<\/a>\u00a0to simply require studies into the medical potential of cannabis for military veterans with chronic pain and PTSD.<\/p>\n The standalone SAFE Banking Act has been approved along largely bipartisan lines in the House in some form several times in recent years. But it\u2019s consistently stalled out in the Senate under both Democratic and Republican leadership.<\/p>\n Last week, Schumer said that he was \u201cdisappointed\u201d that the so-called SAFE Plus package of marijuana banking and expungements legislation he worked on last year didn\u2019t advance, saying \u201cwe came close,\u201d but \u201cwe ran into opposition in the last minute.\u201d He said lawmakers will continue to \u201cwork in a bipartisan way\u201d<\/a>\u00a0to get the job done.<\/p>\n The majority leader has been\u00a0holding meetings with Democratic<\/a>\u00a0and Republican members<\/a>\u00a0in the early months of the new Congress to discuss cannabis reform proposals that might have bipartisan buy-in this year.<\/p>\n For his part, Sen. Cory Booker (D-NJ) said recently that lawmakers are\u00a0working to \u201cresurrect\u201d the cannabis reform package<\/a>, acknowledging that failure to advance a banking fix for the industry \u201cliterally means that hundreds of businesses go out of business.<\/p>\n Blumenauer, who filed a bill to allow marijuana businesses to take federal tax deductions<\/a>\u00a0last week, said at a recent press briefing that thinks it\u2019s important that advocates and lawmakers align on any incremental proposals to end the drug war,\u00a0warning against an \u201call-or-nothing\u201d mentality<\/a>.<\/p>\n There have been a number of cannabis reform proposals filed in recent weeks, particularly in the lead-up to the 4\/20 holiday last week.<\/p>\n For example, bipartisan lawmakers in both chambers reintroduced legislation on Thursday to\u00a0provide a safe harbor to insurance companies<\/a>\u00a0that work with state-legal cannabis businesses.<\/p>\n Rep. Brian Mast (R-FL) introduced legislation last week to\u00a0protect the Second Amendment rights of people who use marijuana<\/a>\u00a0in legal states, allowing them to purchase and possess firearms that they\u2019re currently prohibited from having under federal law.<\/p>\n Reps. Dave Joyce (R-OH) and Alexandria Ocasio-Cortez (D-NY) have filed a bill to\u00a0incentive state and local marijuana expungements<\/a>\u00a0with a federal grant program.<\/p>\n Earlier this month, Joyce and House Minority Leader Hakeem Jeffries (D-NY) filed a measure designed to\u00a0prepare the federal government for marijuana legalization<\/a>, directing the attorney general to form a commission to study and make recommendations about regulating cannabis in a way similar to alcohol.<\/p>\n House Speaker Pledges To Give Marijuana Legalization Bill A Committee Vote, GOP Congresswoman Says<\/a><\/p>\n<\/blockquote>\n\n The post Advocates And Industry Groups React To Marijuana Banking Bill Refiling, As Key Senator Raises Early Concerns<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
A bipartisan marijuana banking bill that House and Senate lawmakers refiled this week is getting praise from many of the major marijuana industry stakeholders and financial institutions who\u2019ve backed earlier versions of the reform. And key advocates\u2014 including critics of the measure\u2019s limited equity provisions\u2014are giving tepid support for revisionsContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":64385,"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\/64384"}],"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=64384"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/64384\/revisions"}],"predecessor-version":[{"id":64386,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/64384\/revisions\/64386"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/64385"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=64384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=64384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=64384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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Cannabis Regulators of Color Coalition (CRCC)<\/h3>\n
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there are several technical amendments that can be made to SAFE to make banking access more FAIR. That\u2019s what the F in SAFE stands for by the way! @crc_coalition<\/a> @DrugPolicyOrg<\/a> and our allies are seeking simple, common sense changes that would improve access for everyone. https:\/\/t.co\/2z2tifKVFI<\/a><\/p>\nCredit Union National Association (CUNA)<\/h3>\n
Drug Policy Alliance (DPA)<\/h3>\n
Minority Cannabis Business Association (MCBA)<\/h3>\n
National Cannabis Roundtable (NCR)<\/h3>\n
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NORML<\/h3>\n
Parabola Center for Law and Policy<\/h3>\n
U.S. Cannabis Council (USCC)<\/h3>\n
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\nRead More: Advocates And Industry Groups React To Marijuana Banking Bill Refiling, As Key Senator Raises Early Concerns<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"