Sen. Sherrod Brown Leads Bipartisan Push For Cannabis Banking Act Despite Congressional Roadblocks

The push for legislation that could finally allow banks to provide services to cannabis businesses gained steam this week, with key figures from both sides of the aisle reiterating their support for the Secure and Fair Enforcement Regulation (SAFER) Banking Act. The renewed nudge suggests a potential breakthrough for the long-stalled measure.

Senate Banking Committee Chair Sherrod Brown (D-OH) acknowledged the complications arising from a divided Congress but underscored the Senate’s commitment to advancing the bill. He pointed to ongoing discussions between the two chambers and the importance of the SAFER Banking Act in addition to other legislative priorities like railroad safety and tax reform.

In comments to AskAPol about whether he thinks the banking measure will pass on the floor this year, Brown said he hoped so.

"We've got a House that's still not moving on stuff that matters to Republicans," Brown said, referring to Democratic Party divisions within the GOP-controlled Senate. "The truth is that's really pushed us back on what we can do in the Senate with floor time."

In September 2023, the Senate Banking Committee, led by Brown, approved the SAFER Banking Act, viewed at the time as a regulatory milestone. The bill, in the works for nearly a decade, was crafted to enable legal cannabis businesses access to banks and financial institutions, which have been off-limits to them all these years.

Meet The Congressman Behind SAFE Banking At Upcoming Benzinga Conference

Ed Perlmutter, who served eight terms in the House of Representatives, has been at the forefront of cannabis banking reform for years as the lead sponsor of (SAFE) Banking. Now an adviser to the National Cannabis Roundtable, Perlmutter continues his efforts to attain banking reform. Despite having retired from Congress, Perlmutter told Benzinga at its September 2023 Cannabis Capital Conference in Chicago that he remains hopeful that cannabis banking and rescheduling will occur this year.  

The former House member is back as a guest speaker at the upcoming Benzinga Cannabis Capital Conference on April 16-17 in Hollywood, Florida.  

Brown’s statement on cannabis banking reform echoes recent comments by Senate Majority Leader Chuck Schumer (D-NY), who vowed in December 2023 that lawmakers will “hit the ground running” in 2024 and "prioritize bipartisan progress on cannabis banking reform."

In a surprising turn of events, reported Marijuana Moment, House Majority Whip Tom Emmer (R-MN), reiterated his support for the bill even though he admitted he’s “not a marijuana guy.”

While expressing concerns about the potential impact of cannabis, Emmer stressed the legitimacy of state-sanctioned marijuana businesses and their need for access to traditional banking services.

Join us at the Benzinga Cannabis Capital Conference in Hollywood Florida 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. 

Photo: Benzinga edit of Shutterstock photo.