Schumer Again Calls for Enactment of Marijuana Banking Measure
Senate majority leader includes bill in letter sent to colleagues
Senate Majority Leader Charles Schumer, D-N.Y., said on Friday that he wants the Senate to tackle marijuana banking legislation during the next few months.
“In the weeks and months ahead, we have the opportunity to make progress on bipartisan bills that enhance our national security, advance online safety for kids and promote innovation, expand the Child Tax Credit, work on a path forward on Tik Tok legislation, combat the fentanyl crisis, hold failed bank executives accountable, address rail safety, ensure internet affordability, safeguard cannabis banking, outcompete the Chinese government, lower the cost of prescription drugs like insulin while expanding access to health care, and more,” Schumer wrote, in a “Dear Colleague” letter to senators on Friday.
Schumer said that with divided government, bipartisanship and compromise are the only ways to get things done. “Democrats have an ambitious agenda to help the American people, and if our Senate Republican colleagues are sincere about passing bipartisan legislation and willing to reject the extreme MAGA demands, we are ready to work with them to find compromise and get as much done as we can,” he wrote.
The bill, S. 2860, would provide credit unions and banks with a regulatory safe harbor for conducting business with marijuana-related businesses in states where cannabis is legal.
Treasury Secretary Janet Yellen endorsed the bill last month. The Senate Banking Committee approved S. 2860 in September, but there has been no action on the measure since then.
A provision of the bill unrelated to marijuana may be part of the reason for the delay. The provision would prohibit a federal banking agency from requesting that a financial institution terminate a specific customer account or a group of customer accounts.
In the past, Republicans have pushed for such a plan, citing “Operation Choke Point,” an Obama Administration effort that critics say allowed credit unions and banks to decide not to serve specific industries, such as gun manufacturers.
Progressives have singled out the provision, arguing that it would make it more difficult for federal banking regulators to raise an alarm about a specific customer who poses a risk to a financial institution.
The bill also could have problems on the other side of the Capitol. The disarray in the House Republican party has caused difficulty on many issues, and this is no exception.
House Financial Services Committee Chairman Rep. Patrick McHenry, R-N.C. has said marijuana banking is not a priority for him, while House Republican Whip Rep. Tom Emmer, R-Minn., told the American Bankers Association last month that he favors the bill.