US Senate Majority Leader Chuck Schumer says that a federal marijuana banking bill and other cannabis reform legislation is a top priority for the Senate as we head into 2024.
The SAFER Banking Act is sponsored by 34% of the entire US Senate, while also having the support of the National Conference of State Legislatures (NCSL), as well as a bipartisan group of 22 attorneys general. The legislation, which recently passed the Senate Committee on Banking, Housing and Urban Affairs, would explicitly allow banks and other financial institutions such as credit unions to provide services to marijuana businesses that are legal under their state’s law.
Senate side Majority Leader Chuck Schumer vowed in September that the measure would be voted on by the full Senate “very soon”. He reiterated last month that the Senate is “getting close” to a vote.
In a speech today on the Senate floor, Schumer gave a list of the Senate’s top priorities going into 2024. Among these priorities is “passing SAFE Banking and cannabis reform”.
Schumer said “In each of these, we have laid some groundwork with bipartisan support. It won’t be easy, but we want to get these things done in 2024.”
A House version of the SAFER Banking Act, which was filed in April, now has nearly 100 sponsors.
According to polling released last month, “by greater than a 2-to-1 margin” adults in the United States support Congress passing legislation “that allows cannabis businesses to access banking services.”
