Survey Reveals Congressional Staffers' Doubts On Fate Of 2023 Cannabis Banking Bill

The fate of the Secure and Fair Enforcement Regulation (SAFER) Banking Act hangs in the balance. Just how likely is it to become law this year? A recent survey of congressional staffers reveals intriguing insights.

Doubts Loom Over Marijuana Banking Bill

A survey conducted by Punchbowl News' Canvass Capitol Hill reveals that only about 13 percent of congressional staffers believe the cannabis banking bill will pass in the first half of the current two-year Congress.

Democratic offices display slightly more optimism at 18 percent, while GOP staffers are less hopeful, with only 9 percent anticipating its enactment by the end of 2023.

Competing Priorities

While over 13 percent of members support the bill, it faces stiff competition from other legislative priorities, like federal aviation reauthorization and increasing Pentagon funding.

The recent leadership shake-up in the House of Representatives has cast some uncertainty over the fate of the bill, as new contenders differ in their stance on protecting banks that work with state-legal cannabis businesses.

Despite these challenges, the SAFER Banking Act made progress by gaining bipartisan support in the Senate Banking Committee.

Senate Majority Leader Chuck Schumer is committed to fast-tracking its journey through the Senate, with plans to attach provisions incentivizing state and local cannabis expungements and safeguarding gun rights for marijuana consumers.

For a comprehensive understanding of the fate of the bill, subscribe and watch the legislative outlook provided by cannabis industry experts at the recent Benzinga Cannabis Capital Conference held in Chicago on September 27 and 28. They delved into crucial aspects such as the future of cannabis banking and cannabis rescheduling. 

Photo by Lucas Santos on Unsplash.