GOP Senator Urges Bankers At ABA Summit To Mobilize Lobbyists And Support Cannabis Banking

During the American Bankers Association (ABA) Washington Summit, a co-sponsor of the Secure and Fair Enforcement (SAFE) Banking Act and member of the Senate Banking Committee urged bankers to organize a group of lobbyists to help promote the passage of the marijuana banking bill in the current Congress.

Sen. Steve Daines (R-MT), who is working with Senate Majority Leader Chuck Schumer (D-NY) and other lawmakers to advance SAFE, said the cannabis banking act has the potential to pass in the Senate through the regular order by undergoing the committee process, stating that there is a "chance" for it, reported Marijuana Moment.

Two new speakers have been added to the lineup at next week’s #ABASummit in DC.@SenateBanking @BankingGOP member and #SAFEBanking Act co-sponsor Sen. @SteveDaines will share his perspective on the bill as well as current issues facing the banking sector and policymakers.

— American Bankers Association (@ABABankers) March 16, 2023

A Public Safety Issue

As the situation becomes increasingly worse, it's crucial to acknowledge that this is a public safety issue. The longer it takes to address the problem, the more challenging it will be to handle the situation effectively, Daines said.

He clarified that the bill is not about whether people support marijuana legalization but rather on addressing a problem that's impacting the financial service and legal cannabis businesses and other ancillary industries.

Daines expressed his gratitude for the bankers' support and suggested that their assistance could potentially help promote the passage of the cannabis banking bill on Capitol Hill, per an ABA press release.

Education Necessary 

Finally, Daines stated that he believes education is key to promoting the passage of the cannabis banking bill. He urged the audience to reach out to their respective members of Congress to connect the dots in their state. “Remember, this is called the SAFE Banking bill. It’s not about cannabis,” he said. "It’s about safety and trying to reduce the crime that’s exploding in our communities as a result of too much cash.”

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