Perlmutter Hints At New Strategies To Pass SAFE Banking Act
June 14, 2022Speaking at the International Cannabis Bar Association conference on Thursday, Representative Ed Perlmutter again expressed hope that the SAFE Banking Act, which he sponsors, could be included in the America Competes Act, Law 360 reported. But, he said, if his bill, which would open financial services to the cannabis industry, is not included in the tech and research-focused Competes Act, he’s exploring backup strategies in conjunction with Representative David Joyce, a Republican from Ohio.
This plan B would involve looping SAFE Banking into bills Joyce is involved with, including some that would allow veterans to access medical cannabis through their benefits and expand scientists’ ability to research the plant. It could also be linked to the HOPE Act, a piece of legislation co-sponsored by Joyce and Representative Alexandria Ocasio-Cortez of New York, that would allocate federal money to speed up the process of expunging state-level cannabis convictions.
The hypothetical success of such a law package would amount to something “not nearly as broad as what’s been discussed but broader than just SAFE,” Perlmutter said. “The Senate likes to do bigger packages. So the veterans piece, the research piece, the HOPE Act—those are things that, generally as you broaden it, you start losing people because of those offerings. But we think that if the Senate can find 60 votes for those things, we certainly could find the votes to pass it in the House,” he added. “And I don’t think it causes a problem for the White House.”
Despite being passed by the House six times and having strong support in the Senate, the SAFE Banking Act has not received a standalone vote, due in part to opposition from Senate Majority Leader Chuck Schumer and in particular Senator Cory Booker, who have vowed not to pass financial help for the industry without wider scale reform, including equity initiatives.—Danny Sullivan
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