Senate Committee Schedules Vote for SAFER Banking Act

Senate Committee Marks Milestone with Scheduled Markup Meeting for Marijuana Banking Bill

In a pivotal development for the American cannabis industry, the Senate Banking Committee has officially announced a markup meeting for the Secure and Fair Enforcement (SAFE) Banking Act. This crucial step is slated for Wednesday, September 27, marking a significant advancement in the bill’s legislative journey toward the Senate floor. A markup meeting is not merely a procedural step; it’s a forum where committee members have the opportunity to amend and vote on a bill, effectively determining its ultimate legislative trajectory.

Brown and Daines: Bipartisan Efforts

Banking Committee Chairman Sherrod Brown (D-OH) expressed optimism for the legislation, stating last week that an agreement was “imminent.” This sentiment seems to be shared by Sen. Steve Daines (R-MT), the GOP sponsor of the bill, whose office recently announced “very productive” discussions with Democratic counterparts. The bipartisan effort appears to be “moving in the right direction,” paving the way for a strong vote in the committee.

Equity and Justice at the Forefront

Senate Majority Leader Chuck Schumer (D-NY) has taken a vocal stance on the importance of social equity and justice in the legislation. Schumer has discussed plans to amend the bill to adopt “critical” criminal justice provisions such as expungements for prior marijuana convictions. This initiative aims to repair the systemic harms caused by the War on Drugs and aligns with broader social equity goals.

Stakeholders Weigh In

Other stakeholders, including lawmakers and industry representatives, have suggested additional changes concerning Small Business Administration (SBA) access and stock uplisting for the cannabis sector. The American Trade Association for Cannabis and Hemp (ATACH), along with trade groups from 16 states and Washington, D.C., has sent a letter to Brown and Committee Ranking Member Tim Scott (R-SC), imploring them to pass the cannabis banking bill “without further delay.”

Upcoming Challenges and Roadblocks

The bill still faces challenges, especially regarding Section 10, which some Democrats believe undermines broad banking regulations. There’s also the factor of legislative time; senators have a packed schedule with must-pass spending bills that could delay proceedings.

Conclusion

The SAFE Banking Act, boasting 42 cosponsors from both sides of the aisle, seems poised to reach the 60-vote threshold needed for Senate approval. However, its passage hinges on various factors, including bipartisan agreement on contentious issues and the allocation of legislative time.