WASHINGTON–The Senate appears poised to address a sweeping overhaul of the federal prohibition on marijuana, which, should such legislation pass Congress, would considerably reduce the risks to credit unions serving the cannabis industry.
Senate Majority Leader Chuck Schumer (D-NY) and two other Democratic senators said they will push to pass this year legislation to end federal laws making marijuana illegal, following numerous states that have already done so.
The reform also would provide so-called “restorative justice for people who have been convicted of pot-related crimes,” the senators said in a joint statement.
"The War on Drugs has been a war on people — particularly people of color," said the statement from Schumer along with and Sens. Cory Booker (D-NJ) and Ron Wyden (D-OR). "Ending the federal marijuana prohibition is necessary to right the wrongs of this failed war and end decades of harm inflicted on communities of color across the country. But that alone is not enough. As states continue to legalize marijuana, we must also enact measures that will lift up people who were unfairly targeted in the War on Drugs.”
The Timetable
According to the senators, they plan to release "a unified discussion draft on comprehensive reform" early this year and that passing the legislation will be a priority for the Senate.
The statement further stated that in addition to ending the federal pot ban and ensuring restorative justice, the legislation would "protect public health and implement responsible taxes and regulations."
MSNBC noted the statement comes as public support for legal marijuana has grown.
To date, 15 states and the District of Columbia have legalized marijuana for adult recreational use, and 36 states permit medical use of the drug.