A group of Senate Democrats are pressing Majority Leader Chuck Schumer to hold a standalone vote on the SAFER Banking Act immediately, according to staffers from two Senate offices.
The SAFER Banking Act, which seeks to provide marijuana businesses that are legal under state law with access to financial institutions, has stalled in the Senate, despite passing the Senate Banking Committee in September 2023 with bipartisan support. The urgency comes as Democrats will lose the Majority Leader position next month, at the start of the next Congress. Senate staffers speaking exclusively to The Marijuana Herald said that the “handful” of senators pushing for action believe “it would be a terrible look for the Democrats to hand over control without a vote”. They noted that the senators have refrained from publicly criticizing Schumer on the issue out of respect, but added that their patience is wearing thin.
The SAFER Banking Act has been a legislative priority for the cannabis community and for some lawmakers for years, with advocates emphasizing its role in addressing safety and economic concerns for marijuana businesses operating in a largely cash-based industry. Despite Majority Leader Schumer promising a full Senate vote soon after SAFER was approved by the Senate Banking Committee, no vote has been scheduled, with Schumer set to relinquish his role next month.
Supporters argue that the measure could pass with bipartisan backing, especially given its approval in the Banking Committee. They contend that even if it fails, Schumer should require senators to take a public stance through a full Senate vote. However, delays have led to frustration within the Democratic caucus, with some members fearing that a Republican-controlled Senate might deprioritize the bill and refuse to give it consideration.
Although many Republicans have come out in opposition to SAFER, earlier this year President-elect Trump announced his support for the bill, while also saying he supports federally rescheduling marijuana and legalizing it at the state level.
Last month Congressmember David Joyce (R-OH), the prime sponsor of the SAFE Banking Act in the House, told us he plans to refile the measure next month, if it’s not approved during the lame duck session of Congress.
