Senate Democrats are eyeing a cannabis banking bill that has bipartisan support as a potential vehicle for long-sought restorative justice measures.
Prominent Democrats have been pushing to pass the SAFE Banking Act, which would enable legally operating cannabis firms to use banking services, as part of a larger China competition package being conferenced in both the House and Senate. The bill was included in House Democrats’ competition bill passed earlier this year, but not in the bipartisan Senate-passed version.
Supporters of the banking bill say it’s urgently needed to stop a surge of violent robberies targeting cash-only pot dispensaries. But the measure, which has passed the House six times in recent years, has had trouble securing passage in the Senate due to resistance from both sides of the aisle, though for different reasons.
Senate Majority Leader Charles Schumer (D-N.Y.) told The Hill that Democrats are working to add social equity measures to the bill, which is backed by members of both parties.
“We’re trying to add some of the social justice provisions and see if we can come up with a compromise,” Schumer said.
A separate bill to legalize marijuana is also backed by Democrats, but it appears unlikely to notch enough support from Senate Republicans to clear a 60-vote procedural hurdle. [Read More @ The Hill]
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