Nearing finish line, fight for cannabis banking bill shifts to the Senate | TheHill - Sylvan Lane & Alex Gangitano:
October 1, 2019 - "The House in a strong bipartisan vote last week passed the Secure and Fair Enforcement (SAFE) Banking Act, which would allow banks and financial institutions to work with cannabis businesses. The bill now faces an uncertain future in the Republican-held Senate....
"The unusual coalition of financial sector lobbyists, progressive lawmakers, law enforcement officials and cannabis businesses backing the bill cheered the House vote ... which saw 229 Democrats, 91 Republicans and one Independent back the bill....
"Advocates for legalization and a financial services sector eager to tap a fast-growing industry have united behind the SAFE Banking Act. The bill would prohibit federal regulators from penalizing banks or credit unions for serving cannabis businesses that comply with state laws. It’s a top priority for a cadre of powerful financial services lobbying groups, including the American Bankers Association (ABA), the Independent Community Bankers of America and the Credit Union National Association.
"The focus is now on the Senate Banking Committee and its chairman, Sen. Mike Crapo (R-Idaho), who has pledged to take action on the issue. While Crapo is personally opposed to marijuana legalization, he told CQ last week that his panel will consider the SAFE Banking Act or a similar bill 'as soon as we can'....
"But ... GOP senators have shown little interest in grappling with the controversy over cannabis. Only two GOP senators attended a July Banking panel hearing on the bill: Crapo and Sen. Cory Gardner (Colo.), one of only five Republican co-sponsors of the Senate version of the bill....
"Bill supporters have taken steps to win over Republican backing, in particular from Senate Majority Leader Mitch McConnell (R-Ky.). The House version included a measure to ease regulations on hemp businesses, a crucial industry in McConnell’s home state of Kentucky. McConnell, who could make or break the measure, helped secure a provision to lift federal penalties on hemp production in the 2018 farm bill. But McConnell ... has also spoken out against legalizing marijuana and called cannabis hemp’s 'illicit cousin.' A spokesman for McConnell declined to comment."
Read more: https://thehill.com/business-a-lobbying/463932-nearing-finish-line-fight-for-cannabis-banking-bill-shifts-to-the-senate
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October 1, 2019 - "The House in a strong bipartisan vote last week passed the Secure and Fair Enforcement (SAFE) Banking Act, which would allow banks and financial institutions to work with cannabis businesses. The bill now faces an uncertain future in the Republican-held Senate....
"The unusual coalition of financial sector lobbyists, progressive lawmakers, law enforcement officials and cannabis businesses backing the bill cheered the House vote ... which saw 229 Democrats, 91 Republicans and one Independent back the bill....
"Advocates for legalization and a financial services sector eager to tap a fast-growing industry have united behind the SAFE Banking Act. The bill would prohibit federal regulators from penalizing banks or credit unions for serving cannabis businesses that comply with state laws. It’s a top priority for a cadre of powerful financial services lobbying groups, including the American Bankers Association (ABA), the Independent Community Bankers of America and the Credit Union National Association.
"The focus is now on the Senate Banking Committee and its chairman, Sen. Mike Crapo (R-Idaho), who has pledged to take action on the issue. While Crapo is personally opposed to marijuana legalization, he told CQ last week that his panel will consider the SAFE Banking Act or a similar bill 'as soon as we can'....
"But ... GOP senators have shown little interest in grappling with the controversy over cannabis. Only two GOP senators attended a July Banking panel hearing on the bill: Crapo and Sen. Cory Gardner (Colo.), one of only five Republican co-sponsors of the Senate version of the bill....
"Bill supporters have taken steps to win over Republican backing, in particular from Senate Majority Leader Mitch McConnell (R-Ky.). The House version included a measure to ease regulations on hemp businesses, a crucial industry in McConnell’s home state of Kentucky. McConnell, who could make or break the measure, helped secure a provision to lift federal penalties on hemp production in the 2018 farm bill. But McConnell ... has also spoken out against legalizing marijuana and called cannabis hemp’s 'illicit cousin.' A spokesman for McConnell declined to comment."
Read more: https://thehill.com/business-a-lobbying/463932-nearing-finish-line-fight-for-cannabis-banking-bill-shifts-to-the-senate
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