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Senate Majority Leader Chuck Schumer (D-NY) is reiterating his commitment to advancing marijuana banking reform as the chamber comes back into session from the August recess.<\/p>\n
In a floor speech on Tuesday, Schumer discussed various legislative priorities for the coming weeks and months. That includes \u201cmaking progress on cannabis\u201d through the Secure and Fair Enforcement (SAFE) Banking Act, he said.<\/p>\n
However, he stressed that \u201cwe are under no illusion that we can make progress on the Senate floor unless we get bipartisan cooperation\u201d on marijuana reform and other priorities such as curbing the price of insulin and competing against China in the global economy.<\/p>\n
\u201cNone of this will be easy either,\u201d he said. \u201cThe bills will require a lot of work and compromise. But if we can progress on these items, we will greatly improve the lives of average Americans.\u201d<\/p>\n
Watch Schumer discuss marijuana banking and other legislative issues in the video below:<\/strong><\/p>\n \u201cFinding bipartisan compromise on issues like these is never easy, but that\u2019s what it\u2019ll take to get things done\u2014and our efforts to do precisely that have already led to significant accomplishments under this majority,\u201d he said. \u201cAs we gavel back in, we will keep going to reward the trust the American people have placed in us.\u201d<\/p>\n The majority leader made similar points in a Dear Colleague letter that was distributed<\/a> last week, listing \u201csafeguarding cannabis banking\u201d right after \u201clowering the cost of insulin and prescription drugs.\u201d<\/p>\n The next step for the marijuana banking bill is a markup in the Senate Banking Committee, which advocates and stakeholders hope will be scheduled within weeks.<\/p>\n Possibly adding momentum to the reform as lawmakers return to Capitol Hill, the U.S. Department of Health and Human Services (HHS) is now recommending that marijuana be moved from Schedule I to Schedule III of the Controlled Substances Act (CSA)\u2014a move that would, among other things,\u00a0free up state-licensed cannabis businesses to take federal tax deductions<\/a>.<\/p>\n Schumer described the SAFE Banking Act as a priority in a separate Dear Colleague letter in July that laid out the summer agenda. But efforts to advance the bill fell short at the time amid disagreement between key senators over a single section concerning broader banking regulations.<\/p>\n At a press conference in late July before lawmakers broke for recess, Schumer said that\u00a0senators were \u201cmaking good progress\u201d in bipartisan negotiations<\/a>\u00a0over the legislation and predicted a a \u201cvery, very productive fall in the Senate.\u201d<\/p>\n The bill \u201chas always been a priority for me,\u201d he said. \u201cSo there\u2019s a lot to do when we get back.\u201d<\/p>\n At this point, the SAFE Banking Act has 42 cosponsors\u2014nearly half of the Senate\u2014and that includes eight Republicans and three independents. So there is a degree of bipartisanship to the reform, earlier versions of which have cleared the House multiple times. The problem at hand is Section 10, which certain Democrats believe would undermine banking regulations and are seeking to amend or remove.<\/p>\n Republicans have said they view that option as a \u201cnon-starter,\u201d however. And it\u2019s unclear if any progress was made over the recess to reach an agreement that would allow the bill to move through the Senate Banking Committee and onto the floor.<\/p>\n As a standalone in its current form, insiders say the measure has enough Republican buy-in to reach the 60-vote threshold needed for passage in the Senate.<\/p>\n \u2014 Senate Banking Committee Chairman Sherrod Brown (D-OH) and lead SAFE Banking Act cosponsor Sen. Steve Daines (R-MT) sparred over next steps for the bill in the lead-up to the August recess. Brown has insisted that Daines needs to secure more GOP cosponsors, but Daines argued that Republicans are already prepared to move the legislation as previously agreed to through the floor.<\/p>\n Daines has also previously cautioned against attempting to expand the measure with social justice reforms that progressives would like to add, though his office has told Marijuana Moment that\u00a0the senator is \u201copen\u201d to adding expungements language<\/a>, as proposed by Schumer.<\/p>\n Meanwhile, the American Trade Association for Cannabis and Hemp (ATACH)\u2014along with trade groups representing marijuana businesses in 16 states plus Washington, D.C.\u2014sent a letter to Brown and Banking Committee Ranking Member Tim Scott (R-SC) in July, imploring them to\u00a0pass the cannabis banking bill \u201cwithout further delay.\u201d<\/a><\/p>\n Schumer also\u00a0spoke with a cannabis industry leader earlier this summer<\/a>\u00a0after being approached at an unrelated event, and according to that entrepreneur, the Senate leader is feeling \u201cconfident\u201d about the prospects of passing the cannabis banking bill.<\/p>\n As its currently drafted, the measure would protect banks and credit unions, as well as depository institutions, from being penalized by federal regulators for working with state-licensed cannabis businesses.<\/p>\n Others have also floated other changes that they\u2019d like to see incorporated into the cannabis bill such as expanding protections to free up marijuana industry access to all forms of financial services, including\u00a0representation on major U.S. stock exchanges<\/a>.<\/p>\n That request has\u00a0faced some criticism from other advocates who say that would be an inappropriate move to help businesses while efforts to legalize marijuana stall in Congress.<\/p>\n Sen. Jacky Rosen (D-NV) has also said that\u00a0she wanted the SAFE Banking Act to pass with an amendment<\/a>\u00a0allowing cannabis businesses to access federal Small Business Administration (SBA) services.<\/p>\n In April, Schumer said that he was \u201cdisappointed\u201d that a so-called SAFE Plus package of cannabis reform legislation didn\u2019t advance last year, saying \u201cwe came close,\u201d but \u201cwe ran into opposition in the last minute.\u201d He said\u00a0lawmakers will continue to \u201cwork in a bipartisan way\u201d<\/a>\u00a0to get the job done.<\/p>\n Sen. Cory Booker (D-NJ) said 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 Rep. Earl Blumenauer (D-OR), who is a lead Democratic sponsor of the House version of the SAFE Banking Act, said at a press briefing in April 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 The American Bankers Association (ABA) also\u00a0recently renewed its call for the passage<\/a>\u00a0of the legislation. And all 50 of its state chapters did the same, as did insurance and union organizations,\u00a0in recent letters to congressional leadership<\/a>.<\/p>\n July also marked the\u00a010-year anniversary since the introduction<\/a>\u00a0of the first version of what is now known as the SAFE Banking Act.<\/p>\n Colorado Gov. Jared Polis (D) separately said in a letter to President Joe Biden on Tuesday that he should throw his support behind the congressional push for marijuana banking reform<\/a> as the Drug Enforcement Administration (DEA) begins its review of cannabis scheduling after receiving a rescheduling recommendation from the top federal health agency.<\/p>\n Lawmakers Move To End Marijuana Testing For More Federal Job Applicants And Promote Psychedelics Access For Military Members<\/a><\/p>\n<\/blockquote>\n\n The post Schumer Says Senate Will Be \u2018Making Progress\u2019 On Marijuana Banking In Floor Speech On Legislative Priorities<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
Senate Majority Leader Chuck Schumer (D-NY) is reiterating his commitment to advancing marijuana banking reform as the chamber comes back into session from the August recess. In a floor speech on Tuesday, Schumer discussed various legislative priorities for the coming weeks and months. That includes \u201cmaking progress on cannabis\u201d throughContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":68305,"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\/68304"}],"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=68304"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/68304\/revisions"}],"predecessor-version":[{"id":68306,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/68304\/revisions\/68306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/68305"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=68304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=68304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=68304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n\n<\/div>\n
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