WASHINGTON–The U.S. senator who has been the chief sponsor of a marijuana banking bill says the momentum to move the legislation has mellowed out as other bills have taken precedence, at least for now.
Sen. Jeff Merkley (D-OR) told Marijuana Moment he’s now hopeful the Secure and Fair Enforcement Regulation (SAFER) Banking Act will be taken up “sooner than later.”
As the CU Daily has reported, the measure cleared a Senate committee last year but never made it to the floor and has not yet been introduced during the current Congress. The bill would prevent federal regulators from penalizing financial institutions for working with state-legal cannabis businesses and has had the support of credit unions.
We’ve tried to schedule several meetings. We keep trying to do it,” Merkley told Marijuana Moment. “There’s been will, but other things like war and reconciliation” have gotten more attention he said.
Sen. Bernie Moreno (R-OH)—the lead GOP sponsor of the SAFER Banking Act this session, earlier told Marijuana Moment the he doesn’t expect the bill to come up until the Fall.
‘Consistent Source of Frustration’
“Action—or inaction—on the marijuana banking bill has been a consistent source of frustration for advocates and industry stakeholders, who have characterized it as a commonsense public safety imperative that would normalize an ever-expanding sector of the economy,” Marijuana Moment reported. “With Republicans in control of both chambers and key leadership positions filled by opponents of marijuana legalization, it’s been an open question about whether any cannabis reform legislation stands a chance of passage in the short-term.”
