Chuck Schumer: Senate Will 'Work Very Hard' To Pass Cannabis Banking Bill Before Upcoming Elections

In a Wednesday press briefing, Senate Majority Leader Chuck Schumer (D-N.Y.) underscored the importance of passing the Secure and Fair Enforcement Regulation (SAFER) Banking Act, calling it a policy priority his chamber will "work very hard" to enact ahead of the upcoming elections.

Speaking to reporters, Schumer expressed confidence in the Senate’s ability to pass significant legislation, including the SAFER Banking Act. This act, along with other crucial legislative items such as rail safety and insulin affordability measures, forms part of a broader agenda Schumer and his colleagues say they are committed to advancing, reported Marijuana Moment's Kyle Jaeger.

The majority leader highlighted the bipartisan nature of many bills passed by the Senate, emphasizing the chamber’s dedication to working on a diverse array of issues. Government funding remains a primary concern.

"We believe very strongly in so many things, and we are going to continue to work on the agenda that we put before us. We first have to fund the government—the supplemental is very important," Schumer said. "But after that, you will see us turn to many of the bills that we passed: the SAFER Act, safety on the rails, [the RECOUP Act], so many other things."

Cannabis banking legislation was cleared by the Senate Banking Committee in September 2023. If brought to the Senate floor, the bill is expected to undergo amendments, potentially including provisions for state-legal cannabis expungements and gun rights for cannabis consumers.

Behind the scenes, noted the outlet, negotiations on the cannabis legislation are advancing, with key lawmakers nearing a consensus despite previous disagreements over certain banking regulations unrelated to the marijuana industry.

Former House Rep. Ed Perlmutter (D-CO), the original sponsor of the initial cannabis banking reform bill, remains actively involved in lobbying efforts. He expressed optimism that there is sufficient time and momentum to pass the legislation within the year.

Now read: Former Congressman Battles Legislative Barriers For Crucial Cannabis Banking Legislation

Ed Perlmutter: Benzinga Cannabis Capital Conference Speaker

As Perlmutter prepares to speak at Benzinga's upcoming Cannabis Capital Conference, his role as a leading advocate for cannabis reform will be in the spotlight. His understanding of the SAFER Banking Act, federal scheduling changes and the broader context of cannabis reform is a conversation you won't want to miss.

Photo via Shutterstock

The Benzinga Cannabis Capital Conference is returning to Florida in a new venue in Hollywood on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars — this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!