A Democratic Congressman has promised to again try to add a language that federally protects institutions that finance state-authorized marijuana ventures to the subsequent covid-19 relief package.
Representative Ed Perlmutter who’s sponsoring the SAFE, Secure and Fair Enforcement Banking Act disclosed to Yahoo Finance Live that he plans on asking about marijuana banking coronavirus relief funds. He further said that he plans on advancing the reform as an independent bill if it’s the only option available.
Perlmutter pointed out that the House accented his marijuana proposal as independent legislation during the last session. However, the Senate flagged it down; thus, the senate has to focus on this subject diligently. The measure was also approved twice via the House as a component of the coronavirus relief and was featured in reform from the former-Senate Minority Leader Schumer Chuck that garnered zero votes.
He also noted that the House passed a comprehensive authorization bill, the MORE , Marijuana Opportunity, Reinvestment, and Expungement Act last year.
With Democrats holding more power in both Congress chambers- the possibility of approving his narrowly crafted banking services legislation or broader marijuana proposal are hugely improved.
Ed said that if the Senate takes on the broader option, Democrats will have that roadblock.
Recently, the newly set up Democratic Senate Leadership has made it certain that cannabis reform will be highly prioritized in 2021. On Monday, Schumer, Roy Wyden chair of the Finance Committee and Senator Cory Booker announced that they will soon unveil a draft authorization legislation and solicit response about the reform.
Perlmutter said his proposal’s objective is to offer marijuana ventures access to banking services that other markets enjoy. However, he added that there’ll be a criminal justice proposal attached to that since most individuals have been liable to various forms of crimes and violations that have culminated in difficult rap sheets; thus the state needs to expunge those cases.