Senate Majority Leader Chuck Schumer said he’s “committed” to including marijuana expungements in a marijuana banking act that’s already cleared a Senate committee with bipartisan support.
The SAFER Banking Act in the Senate would allow banks and other financial institutions such as credit unions to legally provide services to marijuana businesses that are following state law. The measure is sponsored by 36 senators, and in September it was given approval by the Senate Banking Committee with bipartisan support. Senate Leader Schumer said recently that the full Senate will vote on the measure in “the weeks and months ahead.”
Now, Senator Schumer says he’s committed to including the HOPE Act to allow marijuana expungements as part of the SAFER Banking Act prior to it receiving a floor vote.
“As we continue to find a path forward on SAFER Banking Act and cannabis reform—I’m committed to including the HOPE Act to ensure expungement of records is part of the package”, said Schumer in a post on the social media platform X. “We must ensure those who were most harmed by the War on Drugs don’t get shut out of the growing industry”.
In the House, the SAFE Banking Act has 114 sponsors, more than any other marijuana-related bill in the US Congress. Although they differ slightly in their specific language, both the SAFE Banking Act and SAFER Banking Act would allow banks to provide services to marijuana businesses, while also allowing them to take standard IRS tax deductions.
