GOP Takeover, Trump's Return Vs. Chuck Schumer's Last-Ditch Cannabis Banking Reform Push

With just six weeks left in 2024, Senate Majority Leader Chuck Schumer (D-NY) faces mounting criticism for failing to deliver on his long-standing promise of achieving cannabis banking reform. Now, he’s mounting a Hail Mary effort to get it across the finish line before the term ends.

Senators on Capitol told Politico they “still have hopes the cannabis banking bill can get done in the lame duck, despite the odds.”

What Happened: Schumer, who brought the Secure and Fair Enforcement Regulation (SAFER) Banking Act (SAFER) to a committee hearing in September 2023, had intended to advance the bill by attaching it to must-pass legislation before the midterms. However, despite his vocal support, he did not call the bill for a full Senate vote, citing insufficient Republican backing to overcome filibuster rules. This hesitation, coupled with Democrats’ shifting priorities after this month's Republican electoral surge, has all but killed hopes for cannabis banking reform during the lame-duck session.

And now, Senate Democrats are scrambling to address more immediate legislative tasks, including passing budget bills to avoid a looming Dec. 20 government shutdown and finalizing judicial appointments before relinquishing control in January.

High Stakes As GOP Takes Congress

Senator John Thune of South Dakota who opposes marijuana legalization, is set to replace Sen. Mitch McConnell as Senate majority leader. With Thune and conservative House Speaker Mike Johnson at the helm, the path to cannabis reform becomes even narrower. Johnson has consistently voted against most cannabis-related legislation, including banking reform.

Read Also: New GOP Senate Leader John Thune Opposes Marijuana Legalization: Implications For Banking Access And More

Critics argue that Democrats, despite their rhetoric or best efforts, have fallen short of delivering substantive cannabis reform. Their missed opportunity leaves the industry bracing for continued financial instability.

Meanwhile, cannabis stocks tanked last Thursday after pro-marijuana Matt Gaetz withdrew his nomination for U.S. Attorney General and was replaced by the far less weed-friendly nominee Pam Bondi, a close associate of President-elect Donald Trump.

Looking Ahead

As the likelihood of meaningful cannabis reform fades under the outgoing Democratic administration, advocates are left with no choice but to turn to the incoming Republican leadership, hoping they embrace the stance candidate Donald Trump expressed back in August at his Mar-a-Lago residence.

“As we legalize it, I start to agree a lot more because it’s being legalized all over the country,” the president-elect said.

Now Read:

• Trump’s Pick for Attorney General Is No Matt Gaetz When It Comes To Cannabis Reform

Photo via Shutterstock