Schumer Vows To Fast-Track Newly Revised Cannabis Banking Bill After Sept 27 Vote, Here's What's In It

As we come closer to long-awaited movement on the cannabis banking bill, set for a Senate committee markup on September 27, Senators are circulating a revised bill with an updated title and several new provisions related to federal financial regulations, guidance and reporting requirements. 

New Title

The title of the measure is being extended by one word: The bill is now being called the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

The summary, first reported by Politico, offers a first look at the types of compromises senators appear to have made in order to garner bipartisan support. Several new provisions have to do with a component of the reform that Republicans have strongly favored and certain Democrats opposed over concerns it could undermine broader banking regulations. See the revised banking bill below, provided by Politico's Natalie Fertig.

Senate Majority Leader Schumer Will Fast-Track Bill After Committee Vote

“We have worked hard to get a common-sense agreement that allows legal cannabis businesses across America access to financial services while protecting the capacity of federal regulators to stop bad actors,” Senate Majority Leader Chuck Schumer (D-NY)  said in a statement shared with Marijuana Moment on Tuesday. “This legislation will improve public safety, protect small businesses, and finally achieve action on cannabis reform. I intend to bring this legislation to the floor with all due speed.”

Marijuana Moment noted that the section-by-section summary essentially aligns with the original Secure and Fair Enforcement (SAFE) Banking Act. 

The SAFE Banking Act seeks to provide federally regulated banks and credit unions legal cover to accept cannabis dispensaries and growers as customers. Up to now, financial institutions have been reluctant to serve state-legal cannabis businesses because of the ongoing federal ban on cannabis.

Read the newly revised bill below:

Scoop: here is the text of the SAFE Banking Act. https://t.co/ORvIZ0r424

It may shift in format because it says “safe” not “safer” at the top … but section 10 text reflects the outline we reported earlier from the section-by-section summary. pic.twitter.com/ljVzGwEtzk

— Natalie Fertig (@natsfert) September 20, 2023

Read more at Politico

No doubt this topic will be on everyone's mind at the upcoming Benzinga Cannabis Capital Conference in Chicago on September 27 and 28. Join the conversation from cannabis banking to cannabis investing and more. All information is available on bzcannabis.com