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Senate Gains Ground on Bipartisan Cannabis Banking Reform, Aiming for Passage in Landmark Year



Senate Majority Leader Chuck Schumer (D-NY) has expressed optimism about the progress of bipartisan discussions on a significant marijuana banking legislation, emphasizing its importance and productivity in conversations with the House. Schumer, alongside Sen. Jeff Merkley (D-OR), the leading Democratic proponent of the Secure and Fair Enforcement (SAFE) Banking Act, is focused on advancing the bill, which aims to improve access to banking services for cannabis-related businesses, a sector that has faced significant financial service restrictions due to federal regulations.


During a recent Democratic leadership update, Schumer highlighted the SAFE Banking Act as a key legislative goal to be achieved before the upcoming elections, underscoring his dedication to facilitating the bill's passage. The legislation, which successfully passed the Senate Banking Committee last September, seeks to create a safer and more regulated framework for banking operations related to the cannabis industry.



However, its progress has been temporarily stalled as Congress prioritizes the passage of appropriations bills to ensure continued government funding and addresses other legislative priorities. The passage of a package of spending bills by the House, which includes provisions to protect state medical marijuana programs from federal interference, signals an impending Senate vote. This legislative movement comes amidst ongoing discussions to resolve differences over broader banking regulation issues, particularly those outlined in Section 10 of the bill.