WASHINGTON–Legislation that would remove federal prohibitions on financial institutions from serving cannabis-related businesses has bipartisan support not just in Congress but from many states’ governors, and in addition also has widespread support from the American people—so why is it taking so long to pass?
The legislation, the SAFE Banking Act, which has credit union support as well as support from other financial trade groups, has been submitted in various forms in various sessions of Congress. It is now included in the $768-billion National Defense Authorization Act (NDAA), which has passed the House and is now before the Senate and, if passed, will then go to conference committee.
NAFCU VP-Legislative Affairs Brad Thaler said he expects the Senate to pass its version of the bill this week. But there’s no guarantee the SAFE Banking Act will ultimately be included, despite its support.
‘Want to Go Further’
“A big part of it is there are some in the Senate that want to go further,” he said. “They support the (SAFE Banking Act) provision and recognize it’s popular and want to attach other elements of marijuana reform/criminal justice reform as part of a larger package. That is something that (Senate Majority Leader Sen. Chuck) Schumer (D-NY) is going to have to figure out—how to take a path forward. There is bipartisan support, but there is also Republican opposition. So he is going to have to coalesce a majority of Democrats and some of the Republicans to get this done.”