Ed Perlmutter: 'SAFE Banking Act Will Get Done' Despite Ongoing Challenges In Congress

At the recent Benzinga Cannabis Capital Conference, former U.S. Representative Ed Perlmutter shared his perspective on the ongoing push for cannabis banking reform, mainly through the SAFE Banking Act.

A long-time advocate of the act during his time in Congress, Perlmutter discussed the progress made so far and the obstacles that still stand in the way of passing meaningful federal cannabis legislation.

Federal Law Remains A Barrier

When asked about the biggest hurdle facing cannabis banking reform, Perlmutter pointed directly to federal law. “The biggest issue is just federal law controls banking, period,” he said.

While some have suggested creating state-level banking solutions, Perlmutter emphasized that everything ultimately goes through the Federal Reserve, which is governed by federal law.

“So the federal law has to be changed,” he added, underscoring the critical nature of federal action for making lasting progress in cannabis banking.

Persistent Advocacy for Reform

Despite the long battle for reform, Perlmutter remains cautiously optimistic about the future of the SAFE Banking Act. He believes the issue has gained enough understanding and traction in Congress to make its passage inevitable. “We’ve been persistent.

People do understand the subject, and now we’ve just got to get it to a final vote in the Senate, and then we got a lot of work to do in the House to make a deal that Patrick McHenry is going to like and get it to the President,” Perlmutter explained.

McHenry, a Republican representative and chair of the House Financial Services Committee, is seen as a key figure in navigating the legislation through the political process.

Although McHenry is not a vocal supporter of cannabis reform, Perlmutter noted that “he’s not somebody who’s going to throw himself down and stop anything at all costs.”

Instead, McHenry has demonstrated a willingness to negotiate and make deals on broader packages, which could include cannabis banking reform.

A Long Road, But a Likely Outcome

As Perlmutter pointed out, the SAFE Banking Act might be part of a larger or smaller legislative package. He stressed that continued persistence and advocacy are essential.

“It might be part of a bigger package or a littler package, but it’s going to get done,” he said, noting that while cannabis is just one of many issues Congress deals with, it has garnered significant attention and support.

While the road to passing the SAFE Banking Act is still long and complex, Perlmutter’s optimism reflects the growing consensus that the time for cannabis banking reform is nearing.

“I think that's why, ultimately, it's going to get done,” he said, expressing confidence that the persistence of lawmakers and industry advocates will soon pay off.

At the Benzinga Cannabis Capital Conference, Perlmutter's reflections highlighted the progress made. He reminded attendees that, despite the setbacks, the effort to reform cannabis banking is closer than ever to becoming a reality.

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Photo: Wendy Davis