An act that would remove penalties for banks and other financial institutions providing services to legal cannabis-related businesses will go before the full Senate for a vote, having won the approval of the Committee on Banking, Housing, and Urban Affairs during a markup session on Wednesday.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act, a bipartisan bill sponsored by Senators Jeff Merkley (Democrat – Oregon) and Steve Daines (Republican – Montana), was passed with amendments in a 14 to 9 vote.
During the debate on the bill, Senator Raphael Warnock (Democrat – Georgia) raised concerns that the bill does not go far enough to substantially address restorative justice and the communities “being hollowed out right now in real-time by the War on Drugs.”
“I would support all of the provisions and reforms in this legislation if paired with broader cannabis reforms,” he said.
Senator Elizabeth Warren (Democrat – Massachusetts) said she shared Warnock’s concerns but would be supporting the bill as “a good step in the right direction.”
“I share Senator Warnock’s concerns that this bill may reinforce inequalities by helping white-owned cannabis businesses grow their profits while black and brown people are still being arrested for simple marijuana possession,” she said.
“That means that this bill cannot be all that we do in this Congress on marijuana,” Warren continued, adding that the drug should be removed from the Controlled Substances Act altogether.
Senate Majority Leader Chuck Schumer has pledged to bring the SAFER Banking Act before the full Senate “with all due speed,” in tandem with the Harnessing Opportunities by Pursuing Expungement (HOPE) Act, which would provide support for states to expunge low-level marijuana records, and the Gun Rights and Marijuana (GRAM) Act, which would remove federal firearms-related restrictions on medical marijuana patients.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie