Senate Committee Sets Date for Vote on Bipartisan Marijuana Banking Bill
The Senate Banking Committee has officially scheduled a vote on the bipartisan marijuana banking bill, signaling that disagreements over key provisions have been addressed. The vote on the Secure and Fair Enforcement (SAFE) Banking Act is set to take place on Wednesday, September 27.
The committee released a formal schedule on Friday, confirming the date for the markup of the bill. Media reports had previously indicated that the markup would take place during the last week of September, but the exact date had not been confirmed until now. The specific time of the meeting on the 27th is yet to be determined.
During weeks of negotiations, lawmakers have discussed revisions to provisions related to broad banking regulations. Additionally, other lawmakers and stakeholders have suggested changes concerning Small Business Administration (SBA) access and stock uplisting for the cannabis industry.
Chairman of the Senate Banking Committee, Sherrod Brown (D-OH), has expressed his intention to move the SAFE Banking Act within the next six weeks. He stated that an agreement on the bill was imminent and that the announcement of the legislation’s scheduling would be made in the coming days.
While there are still some differences among members of the committee, Brown remains hopeful that a strong vote will be obtained. The prospects of passing the SAFE Banking Act in the Senate this fall depend on the resolution of disagreements over section 10 of the bill.
The SAFE Banking Act currently has 42 bipartisan cosponsors in the Senate. It is believed that the bill has enough Republican support to reach the 60-vote threshold needed for passage in the Senate.
Senate Majority Leader Chuck Schumer (D-NY) has identified the cannabis banking bill as a legislative priority. He has expressed confidence in its passage and has even discussed plans to amend the legislation on the floor to include criminal justice provisions such as expungements for prior marijuana convictions.
However, the passage of the SAFE Banking Act will depend on various factors, including the prioritization of must-pass spending legislation and the resolution of disagreements over key provisions.
The bill seeks to protect banks and credit unions from federal penalties for working with state-licensed cannabis businesses. Some advocates have called for additional changes to the legislation, including expanding financial services access for the marijuana industry and Small Business Administration services.
The American Bankers Association and various other organizations have expressed their support for the bill, emphasizing the importance of providing financial services to the cannabis industry.
As the date of the vote approaches, stakeholders in the cannabis industry and lawmakers continue to work towards a consensus that will facilitate the passage of the bipartisan marijuana banking bill.