GOP Not Giving Up, Senator Grassley Goes After Bipartisan Marijuana Banking Reform

Senator Chuck Grassley (R-Iowa) joined the GOP effort to undermine the passage of a marijuana banking bill. One day after Wednesday's historic passage of the SAFE Banking Act, Grassley sent a letter to Senate Majority Leader Chuck Schumer (D) questioning his priorities. Grassley, 90, is now the oldest serving member of Congress following the death of Democratic Sen. Dianne Feinstein. 

What happened: In a recent floor speech, Schumer reiterated his commitment to bringing cannabis banking legislation to the Senate floor and attaching significant criminal justice provisions to the bill known as the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

Schumer, who played an important role in the bipartisan deal leading to the bill's advancement, voiced his pride in the progress made. The senator underscored the importance of allowing cannabis businesses access to basic banking infrastructure.

“Cannabis must always be in the business of promoting entrepreneurs, promoting small businesses, promoting job growth."

Why it matters: On Thursday, Grassley sent a letter to Schumer sharing his concerns about the Senate prioritizing a bill that would relax cannabis laws over a different measure – permanently banning fentanyl-related substances. To strengthen his case, the senator cited tragic cases by attaching 11 letters from people whose loved ones died from opioid overdoses.

“Instead of addressing this crisis, the Senate appears to be turning its attention to legislation designed to ease the movement of marijuana money through the financial system, and provide access for Wall Street to invest billions of dollars into this industry,” Grassley wrote.

Grassley is one among many Republicans to oppose marijuana reform. One day before the historic vote on the SAFER Banking Act, several GOP senators sent a letter to Schumer and Senate Minority Leader Mitch McConnell expressing similar concerns. 

Grassley concluded his letter by saying “Congress should develop tools to dismantle violent crime, fentanyl distribution networks, and the cartels. Instead, you are advancing legislation, now titled the 'SAFER Banking Act,' which could equip criminal actors with resources to expand their influence,'" Grassley wrote, adding that he encourages Schumer to take up the more worthy cause of controlling fentanyl scheduling. 

There’s no doubt that the SAFER Bill advancement was an important step for the industry. Following the news marijuana stocks first jumped but then pulled back, due most likely to the controversial politics around the issue.

GOP Senator Tom Cotton also shared his opinion on Twitter/X. 

When Senator Schumer says “criminal justice provisions,” he means letting drug traffickers out of prison. https://t.co/GQC2bFCZYE

— Tom Cotton (@SenTomCotton) September 28, 2023

What’s next: The SAFER Banking Act will move to the full Senate.

Photo: Benzinga edit with images by Jose Luis Sanchez Pereyra via Unsplash and Wikimedia Commons