A Senate chairman is setting expectations early about when a vote for the cannabis banking bill or “SAFE Banking act” will occur on his panel. The bill is intended to protect banks that work with state-legal marijuana businesses from being punished by federal regulators.
The House recently passed the Secure and Fair Enforcement (SAFE) Banking Act this week. But the Senate Banking Committee Chairman Sherrod Brown (D-OH) said the proposal hasn’t gained his support just yet “because I think we need to look at a number of things.”
In response, the bill’s House sponsor, Rep. Ed Perlmutter (D-CO), says he is open to changing the proposal in a way that would be amenable to the chairman as long as it can move forward.
Brown and Schumer
Brown has been talking with Senate Majority Leader Chuck Schumer on the issue.
Earlier Schumer said that he does not think it is a good idea for the Senate to pass cannabis banking legislation before working on more comprehensive reform. He expressed concerns that passing the SAFE Banking Act now could undermine efforts to gain support for the broader legalization legislation he is working on.
Either way Brown has not said that he is ruling out a vote for the SAFE Banking Act. But he did say that his panel has other priorities currently.
In February, the Senator said that he would be willing to advance cannabis banking reform. But it would need to be accompanied by sentencing reform.
Brown has not provided any details explaining what reforms in, particular, he would want to be included. “I will look at this seriously. We’re not ready to move on it,” Brown said.
“I’m not a lawyer and I want to understand that part better and make sure we do it right,” said Brown. “We’ll probably get one good shot at this and I want to do it right.”
Perlmutter Willing to Negotiate
Meanwhile, Perlmutter says that he is open to doing what it takes to get the bill approved this Congress while talking to KOA NewsRadio. He is confident the SAFE Banking Act will pass this session.
Asked about the prospect of adding criminal justice reform provisions to the legislation, the congressman said, “that’s all great.”
“Make it a bigger bill,” he said. “Do whatever-just do something.”
Currently, in the Senate the bill has 33 cosponsors. This means that more than a third of the chamber is already signed on with support.
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