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Schumer to Table New Marijuana Banking Bill

  • The marijuana banking bill set for a Senate committee markup next week has an updated title, now called the Secure and Fair Enforcement Regulation (SAFER) Banking Act, and contains several new provisions related to federal financial regulations, guidance, and reporting requirements.
  • Senate Majority Leader Chuck Schumer has expressed his intention to advance this legislation swiftly, emphasizing the importance of providing legal cannabis businesses access to financial services while maintaining federal regulators’ capacity to address bad actors and improve public safety.
  • The proposed changes in the bill, particularly in Section 10, seek to address concerns from both Republicans and equity advocates. These changes include preventing federal banking regulators from discriminating against certain industries, focusing on increasing access to deposit accounts for underserved communities, and mentioning tribal communities in reporting requirements, potentially satisfying both sides of the aisle while promoting equity in the financial system.

The marijuana banking bill slated for a Senate committee markup has undergone significant updates, including a title change to the Secure and Fair Enforcement Regulation (SAFER) Banking Act, MARIJUANA MOMENT reports.

Senate Majority Leader Chuck Schumer is determined to expedite the legislation, emphasizing its aim to provide financial services to legal cannabis businesses while preserving federal regulators’ ability to combat misconduct. The proposed changes, outlined in a section-by-section summary, aim to bridge bipartisan divides.

Key revisions involve ensuring that personal beliefs or political motivations do not hinder lawful businesses’ access to financial services under federal banking agencies.

This provision appears to align with both Republican efforts to prevent discrimination against certain industries and equity advocates’ goals for social equity.

Notably, the bill mentions tribal communities in both Section 10 and Section 11, emphasizing their inclusion in federal reports on access to banking for historically underbanked communities. This addition differs from the initial SAFE Banking Act.