The U.S. House of Representatives voted overwhelmingly on Monday to safeguard banks that serve state-legal cannabis businesses — just as it had in the previous session of Congress.
The difference this time is that Democrats control the
Senate. That gives the Secure and Fair Enforcement (SAFE) Banking Act at least
a chance at full adoption, something that wasn’t the case under Mitch
McConnell’s majority leadership.
"As we continue to push forward with full legalization,
addressing this irrational, unfair, and unsafe denial of banking services to
state-legal cannabis businesses is a top priority," Portland Democrat Rep.
Earl Blumenauer said. "This is a critical element of reform that can’t
wait, and I urge our cannabis champions in the Senate to take up this
legislation as soon as possible."
Oregon Democrat Jeff Merkley and Montana Republican Steve
Daines have introduced a version of the bill in the Senate. It has 32
cosponsors, including seven Republicans.
But it's not clear how that bill might fit in with an effort
to pass a comprehensive legalization bill, spearheaded by Majority Leader Chuck
Schumer, Oregon's Ron Wyden and New Jersey's Cory Booker.
In an interview with Marijuana Moment late Monday, Schumer
suggested banking reform could be folded in with comprehensive legislation, a
tactic, he said, that "brings in some people who might not normally
support legalization."
The banking bill certainly enjoys broad support; the vote in
the House on Monday was 321-101, nearly identical to the 321-103 margin a
similar version of the bill got when it first passed as a standalone measure in
September 2019.
"This legislation is an important step toward resolving
the conflict between state and federal law so banks can serve legal cannabis
and cannabis-related businesses," the American Bankers Association said in
a statement after the vote.
Because cannabis is a Schedule I drug under the Controlled
Substance Act, most financial institutions now steer clear of businesses that
deal with it, even in states where the drug is legal. The banking problems can
also extend to businesses — legal, financial and other services — that serve
the cannabis industry, even if they "don't touch the plant."
The bill passed Monday in the House would protect banks that
serve state-legal cannabis businesses from federal regulatory penalties.
Blumenauer and Merkley have cited a recent rash of robberies
at Portland-area cannabis stores in arguing the bill is more urgently needed
than ever.
