Republican House and Senate leadership “openly and solely blocked” Senate Majority Leader Chuck Schumer’s (D-NY) attempt to include bipartisan marijuana banking legislation in a government funding bill, a Senate source familiar with the negotiations tells Marijuana Moment.
As bicameral lawmakers have worked to put together a continuing resolution to keep the government funded, Schumer repeatedly urged colleagues across the aisle to incorporate the Secure and Fair Enforcement Regulation (SAFER) Banking Act, to no avail. Senate Minority Leader Mitch McConnell (R-KY) and House Speaker Mike Johnson (R-LA) killed that prospective deal, the source said.
“Schumer pushed for SAFER Banking at the negotiation table in the CR multiple times. This week, both Speaker Johnson and Leader McConnell strongly rejected it,” they said. “For years some Republicans have done a dance telling marijuana businesses that they supported SAFER, while Republican leadership has openly and solely blocked it at every turn.”
Marijuana Moment reached out to Johnson’s and McConnell’s offices for comment, but representatives were not immediately available.
The majority leader said following the election that he remained committed to moving the SAFER Banking Act during the lame duck session, and that he was eyeing the must-pass stopgap funding legislation to get that done.
Schumer could in theory still put the cannabis banking bill on the floor for Senate consideration as a standalone measure. But even if it did pass with the steep 60-vote threshold to overcome a filibuster in the chamber, the thinking is that it wouldn’t be worth the effort considering Johnson’s obstinance and unlikeliness to bring it to a vote in the House, the Senate source said.
Last month, Sen. Steve Daines (R-MT), the GOP lead sponsor of the SAFER Banking Act, told Politico that he wanted to see the measure “get done before the end of the year.” Sen. Cory Booker (D-NJ) separately said he’s “hoping to get something done” on cannabis banking through the National Defense Authorization Act (NDAA), but that prospect is similarly in doubt.
Notably, a Republican senator, Sen. Thom Tillis (R-NC), told AskAPol that he considers the SAFER Banking Act a “half-assed” measure that should simply be incorporated into legislation to create a comprehensive federal regulatory framework for marijuana.
Getting the banking reform enacted during the lame duck could be pivotal following last month’s election that put Republicans back in the Senate majority at the same time that they held onto the House. Sen. John Thune (R-SD) was elected by his peers to serve as majority leader, and he’s opposed to the cannabis banking bill, further complicating its pathway to passage under the next Congress.
Hellbound and Down 