Schumer Seeks Republican Support For Banking Bill
November 28, 2023U.S. senate majority leader Chuck Schumer says the SAFER Banking Act intended to buttress the financial system of the cannabis industry is getting closer to passage, but that he still needs the support of 10 or 11 Republican senators in order to bring it to the floor for a vote. In an interview with Yahoo News, Schumer said the time has come for the measure, with acceptance of cannabis continuing to gain ground across the country, most recently evidenced by Ohio voters’ passage of a legalization ballot measure earlier this month.
The SAFER Banking Act, which would open up badly needed financial services to the cannabis sector, currently has four Republican co-sponsors, but will need to build on that number—as well as maintain the support of the 51 Democrats in the senate—in order to reach the 60-vote threshold needed to pass. Even if the bill is passed by the senate, however, it could face steep opposition in the Republican-controlled house of representatives.
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.Tagged : cannabis, SAFER Banking Act
