Senate Banking Committee Chair Aims To Advance Marijuana Bill Within ‘The Next Six Weeks’
September 6, 2023
By Kyle Jaeger
A key Senate committee chairman says that he’s spoken with Majority Leader Chuck Schumer (D-NY) about moving bipartisan marijuana banking legislation, which he hopes to advance along with several other priority bills “in the next six weeks.”
Senate Banking Committee Chairman Sherrod Brown (D-OH) told Punchbowl News on Monday that the Secure and Fair Enforcement (SAFE) Banking Act is one of the top bills on his fall legislative agenda. And while he didn’t comment on the substance of his conversation with Schumer, the majority leader has made clear in letters to colleagues and in a floor speech on Tuesday that cannabis banking is a priority.
“We want to get RECOUP. We want to get SAFE Banking. We already have, in the NDAA, the FEND Off Fentanyl Act. All three of those are my priorities,” Brown said, referencing banking accountability and opioid-related enforcement legislation in addition to the marijuana measure. “We want to do all that in the next six weeks.”
The prospects of passing the SAFE Banking Act this fall are contingent on a number of factors, including the fact that moving must-pass spending legislation to fund the government is expected to take up a significant amount of senators’ time. But there’s also the matter of disagreement over one key section of the bill that prevented it from advancing during the summer session before lawmakers broke for the August recess.
Some Democrats believe that Section 10 of the legislation would undermine banking regulations and are seeking to amend or remove. Republicans have said they view that option as a “non-starter,” however. And it’s unclear if any progress was made over the recess to reach an agreement that would allow the bill to move through the Senate Banking Committee and onto the floor.
Marijuana Moment reached out to the offices of Brown and the lead GOP SAFE Banking sponsor Sen. Steve Daines (R-MT) for comment, but representatives were not immediately available.
For his part, Schumer stressed on Tuesday that “we are under no illusion that we can make progress on the Senate floor unless we get bipartisan cooperation” on marijuana reform and other priorities such as curbing the price of insulin and competing against China in the global economy.
“None of this will be easy either,” he said. “The bills will require a lot of work and compromise. But if we can progress on these items, we will greatly improve the lives of average Americans.”
At a press conference in late July before lawmakers broke for recess, Schumer said that senators were “making good progress” in bipartisan negotiations over the legislation and predicted a a “very, very productive fall in the Senate.”
At this point, the SAFE Banking Act has 42 cosponsors—nearly half of the Senate—and that includes eight Republicans and three independents. As a standalone in its current form, insiders say the measure has enough Republican buy-in to reach the 60-vote threshold needed for passage in the Senate.
