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Senate Democrat Predicts Marijuana Banking Reform Hearing in Coming Weeks

Chair of Senate Banking Committee remains optimistic about advancing the SAFE Banking Act, despite the looming government shutdown risk.

Published

1 year ago

September 7, 2023

Thaddeus Flint

US Senator Sherrod Brown (D), Chair of the Senate banking committee, is optimistic about the prospects of marijuana banking reform, specifically the SAFE Banking Act.

Despite the looming threat of a government shutdown in Washington DC, a required hearing for marijuana banking reform could take place “in the next six weeks,” Brown told Punchbowl News Monday.

The SAFE Banking Act aims to prevent federal banking regulators from penalizing banks for serving legal cannabis-related businesses, protects proceeds from lawful transactions, and limits account terminations based solely on reputation risk.

Brown has prioritized several legislative initiatives, including the SAFE Banking Act, the RECOUP Act, and the FEND Off Fentanyl Act. While the SAFE Banking Act has previously passed in the House of Representatives, it has faced hurdles in the Senate.

Although there was some progress in May with an informational hearing, it did not progress to the crucial “markup” session for further amendments and voting. Past promises and deadlines for the legislation have proven unreliable, including Brown’s earlier commitment to a markup hearing within two to three weeks.

The government faces a potential shutdown if the budget dispute remains unresolved by September 30. In such a scenario, attention and time for addressing the SAFE Banking Act may be further weakened, highlighting the challenges of advancing banking reform amid broader political issues.

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