US Senator Promises Hearing on Cannabis SAFE Banking in Next Six Weeks

WASHINGTON, D.C.–In a significant development for the cannabis industry and investors, Senate Banking Committee Chairman Sherrod Brown (D-OH) announced on Monday that he has engaged in discussions with Majority Leader Chuck Schumer (D-NY) concerning the progression of bipartisan cannabis banking legislation. Brown expressed his hopes to push forward this critical legislation, along with several other high-priority bills, “in the next six weeks.”

The Secure and Fair Enforcement (SAFE) Banking Act, regarded as a linchpin for the cannabis sector, stands prominently on Chairman Brown’s legislative agenda for the upcoming fall season. While details of the conversation with Senator Schumer remain undisclosed, Schumer himself has unequivocally stated, both in letters to fellow senators and during a recent floor speech, that cannabis banking stands as a paramount priority.

Chairman Brown elucidated his agenda, stating, “We want to get RECOUP. We want to get SAFE Banking. We already have, in the NDAA, the FEND Off Fentanyl Act. All three of those are my priorities. We want to do all that in the next six weeks.” In addition to cannabis banking, Brown emphasized the significance of banking accountability and opioid-related enforcement legislation.

The prospects of the SAFE Banking Act’s passage this fall are contingent upon various factors, including the pressing need to allocate time for essential spending legislation to fund the government. Moreover, a lingering disagreement over a key section of the bill hampered its advancement during the summer session before the August recess.

Section 10 of the legislation has become a focal point of discord, with some Democrats expressing concerns that it may undermine banking regulations. Efforts to amend or remove this section have been met with opposition from Republicans, who deem such action a “non-starter.” The status of negotiations over the recess remains uncertain, leaving the fate of the bill in limbo as it awaits action within the Senate Banking Committee.

Marijuana Moment reached out to the offices of Chairman Brown and the lead GOP SAFE Banking sponsor, Senator Steve Daines (R-MT), for comments on this development, but representatives were not immediately available for response.

Leader Schumer underscored on Tuesday that bipartisan cooperation is essential to make progress on the Senate floor, not only for cannabis reform but also for addressing other pressing issues such as the cost of insulin and the nation’s global economic competitiveness. Schumer acknowledged the arduous path ahead, saying, “None of this will be easy either. The 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.”

In late July, Schumer provided a glimpse of optimism, stating that senators were “making good progress” in bipartisan negotiations over the cannabis banking legislation. He predicted a “very, very productive fall in the Senate.”

As of now, the SAFE Banking Act boasts 42 cosponsors, encompassing nearly half of the Senate’s members, including eight Republicans and three independents. In its current form, insiders suggest that the measure garners sufficient Republican support to surpass the 60-vote threshold required for passage in the Senate, making it a pivotal piece of legislation for the cannabis industry and investors alike.

Main image: Sherrod Brown: Courtesy: US.gov