A top Senate chairperson has disclosed expectations regarding a vote within his commission to protect financial institutions that service federally legal cannabis ventures from being punished by state regulators.
Although the House ascended the SAFE (Secure and Fair Enforcement) Banking Act early this week along bipartisan lines, Sherrod Brown (the Senate Banking Committee Chairman) asserted that the reform doesn’t have his support yet since he thinks the commission needs to look at multiple aspects.
Representative Ed Perlmutter states he’s willing to change the proposal in a way that augurs well with the chairman to help ascend it forward.
Sherrod admitted that he’s been talking with Chuck Schumer, Senate Majority Leader, regarding the issue.
The Senate Majority leader stated this week that he thinks it’s unwise for the Senate to approve the marijuana banking reform before addressing a more comprehensive bill, adding that the more inclusive reform would attract Republicans and temper efforts to back a wider authorization measure he’s drafting.
However, Sherrod isn’t entirely ruling out a SAFE Banking Act vote. He asserts that his commission has more pressing priorities. Senator Steve Daines and Jeff Merkley sponsored the banking reform.
Brown said during February that he wants to approve cannabis banking legislation, but it has to feature a sentencing provision.
However, he didn’t mention details in his recent comments regarding what type of reforms he would want to feature, stating that he’s not an attorney and wants to discern that provision better.
Perlmutter asserts he will do anything to get the reform passed by this Congress. He disclosed to KOA News Radio that he’s certain they will approve the SAFE Banking Act during this session.
This week’s House vote marks the 4th time the Chamber has passed a SAFE banking act. Legislators advanced it as an independent reform two years ago and twice as a portion of COVID-19 relief legislation.