In the case of cannabis Banking Reform within the senate, there are many concerns arising. This comes as the chair of a major commission going back on his persistence that the reform be merged with a sentencing bill. However, the senator has said that he’s talking with the administration about including in a wider marijuana decriminalization proposal.
Sherrod Brown, chair of the Senate Banking Commission, was pressured early this week about the fate of the SAFE (Secure and Fair Enforcement) Banking Act, which was approved last week after a bipartisan ballot vote. He was specifically asked about the probability of incorporating language that protects financial institutions that finance federally legal marijuana ventures to more complex cannabis legislation.
Sherrod disclosed to MarketWatch that he’s holding talks with Chuck Schumer (Majority Senate Leader) regarding the matter. However, what they are going to do regarding the matter is uncertain.
He said that there’s certainly interest from both entities. Adding that there’s interest in the sentencing bill as a provision and there’s interest in general decriminalization, not legalization.
Schumer has stated that he’ll table a reform that ends state prohibition on the house floor soon. He recently asserted that he’s not in favor of approving the banking bill as an independent reform before the House ascends his proposal. He pointed out that doing so would undermine his bill’s support.
The majority Senate leader hopes to incorporate elements that address finance and banking in the authorization initiative.
He further said that Brown had changed his tune in advancing the SAFE Banking Act, highlighting reservations regarding various provisions. Schemer stated during an interview that they need to look at various aspects, and they are not prepared to move on to the reform.
The chairman previously asserted that he wanted to merge the banking reform with the sentencing bill. Representative Ed Perlmutter, leader of the SAFE Banking Act in the House, had supported the move to make it a more comprehensive reform. However, now Brown seems to drop his stance.