Schumer Expresses Strong Support for Cannabis Banking Reform in Senate

WASHINGTON- Senate Majority Leader Chuck Schumer (D-N.Y.) emphasized his support for cannabis banking reform during his speech on the Senate floor this Wednesday. Addressing the Senate, Schumer discussed the ongoing committee markup for the bipartisan SAFER Banking Act, a pivotal legislation designed to offer a “safe harbor” for financial institutions eager to work with the cannabis sector.

“The Banking Committee’s current engagement with the SAFER Banking Act signifies a monumental stride for the Senate. The aim is clear: enhance the efficiency, safety, and transparency of cannabis enterprises,” Schumer stated. He further highlighted the significance of this initiative, stating, “Since the commencement of this Senate session, advancing this bill has been on my agenda.”

A key proponent of the legislation, Schumer articulated his intent to expedite the bill’s progression. He expressed gratitude towards bipartisan colleagues for their dedication and resilience in championing a cause years in the making, reiterating his determination to present the SAFER Banking bill for a Senate floor vote post its committee approval.

This development is noteworthy, marking a significant shift in the Senate’s stance towards cannabis banking reform. Historically, similar reforms, particularly the SAFE Banking Act, have been approved by the U.S. House on seven different occasions since 2019. The recent revised legislation, which incorporated “regulation” into its title, was presented on Sept. 20.