In a letter sent to Senate colleagues, Senate Majority Leader Chuck Schumer (D-NY) said that in the “weeks and months” ahead, the Senate will work to pass a variety of priorities including to “safeguard cannabis banking”.
Senate Majority Leader Chuck Schumer (photo credit: Greg Nash/The Hill).
“In the weeks and months ahead, we have the opportunity to make progress on bipartisan bills that enhance our national security, advance online safety for kids and promote innovation, expand the Child Tax Credit, work on a path forward on Tik Tok legislation, combat the fentanyl crisis, hold failed bank executives accountable, address rail safety, ensure internet affordability, safeguard cannabis banking, outcompete the Chinese government, lower the cost of prescription drugs like insulin while expanding access to health care, and more”, said Senator Schumer. “There are many important, bipartisan issues this Congress could address this year, and I hope our Senate Republican colleagues don’t allow the ultra-right wing of their party to derail progress on these bipartisan bills.”
When Schumer says “safeguard cannabis banking”, he is referring to the SAFER Banking Act, which currently has 36 sponsors, representing 36% of the entire Senate. This includes having support from Republicans and every independent senator. The measure would provide explicit federal protections to banks and other financial institutions that provide financial services to state-legal marijuana businesses.
The SAFER Banking Act received approval by the Senate Committee on Banking, Housing and Urban Affairs with bipartisan support in September, with Senate Majority Leader Chuck Schumer saying last month that it remains a top priority for the Senate.
The House version of the bill, filed several months prior, currently has 112 sponsors, more than any other marijuana-related bill in US Congress.
