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Many cannabis industry players are counting down the hours before the U.S. Senate Banking Committee’s markup of the SAFER Banking Act at 9:30 a.m. Sept. 27, as the legislation now appears on track to advance for the first time in the upper chamber.
This pending movement on the Secure and Fair Enforcement Regulation (SAFER) Banking Act of 2023 (S. 2860)—with the word “regulation” added to the revised legislation that was formally introduced Sept. 20—comes after years of Washington politics hindering Senate action despite seven passages in the U.S. House since 2019. And it comes at a time when cannabis businesses, small and big, are still feeling the hurt of a post-COVID industry correction associated with major price compression.
In particular, the Senate Banking Committee spent the better part of the past four months negotiating specific language and addressing Section 10—which largely deals with requirements for federal banking agencies to oversee financial institutions—of the bill to foster bipartisan support in order to arrive at this juncture.
So, where does support likely lie within Senate Banking Committee’s membership?
Below is a Cannabis Business Times forecast on how each of the committee’s 23 members will stand on the issue.
Democrats: (10 support, 1 uncertain, 1 absent yes)
Chairman Sherrod Brown (Ohio): Yes … Brown’s recent comments made in a Sept. 20 press release that “I look forward to passing this legislation with a bipartisan majority and bringing it to the Senate floor” paired with his willingness to calendar a markup suggest he’s on board.
Jack Reed (R.I.): Yes … Reed took issue with Section 10 in the SAFE Banking Act, but with revisions included in the SAFER Banking Act largely addressing this section to appease his concerns, the senator from Rhode Island is now likely in support of the cannabis banking bill.
Bob Menendez (N.J).: Absent (yes) … Menendez is an original co-sponsor for the SAFER Banking Act, but he will likely miss the Sept. 27 markup amid an indictment on federal corruption and bribery-related charges. Now, he’s scheduled to appear in court on Sept. 27 for arraignment.
Jon Tester (Mont.): Yes … Tester is an original co-sponsor of the SAFE Banking Act but has yet to sign on for sponsorship to SAFER Banking.
Mark Warner (Va.): Yes … Warner is an original co-sponsor of the SAFE Banking Act but has yet to sign on for sponsorship to SAFER Banking.
Elizabeth Warren (Mass.): Yes … Warren is an original co-sponsor of the SAFE Banking Act but has yet to sign on for sponsorship to SAFER Banking.
Chris Van Hollen (Md.): Yes … Van Hollen said in August that his chamber was “working to resolve some final issues so we can pass it through the Banking Committee.”
Catherine Cortez Masto (Nev.): Yes … Cortez Masto is an original co-sponsor of the SAFE Banking Act but has yet to sign on for sponsorship to SAFER Banking.
Tina Smith (Minn.): Yes … Smith is an original co-sponsor of the SAFE Banking Act but has yet to sign on for sponsorship to SAFER Banking.
Kyrsten Sinema (I-Ariz.): Yes … Sinema is an original co-sponsor for both the SAFER and SAFE Banking acts.
Raphael Warnock (Ga.): Uncertain … Warnock said in May 2022 that he thinks “it’s important that, in any [cannabis] legislation, we deal with the equity issues.” His office did not return an email from Cannabis Business Times with regard to his support/opposition of the SAFER Banking Act.
John Fetterman (Pa.): Yes … Fetterman is an original co-sponsor for both the SAFER and SAFE Banking acts.
Republicans: (3 support, 4 oppose, 3 uncertain, 1 absent no):
Ranking Member Tim Scott (S.C.): Absent (no) … Scott, a presidential candidate, will likely miss the Senate Banking Committee’s Sept. 27 markup with the second GOP presidential debate scheduled for 9 p.m. ET on Sept. 27 in Simi Valley, Calif. During a Senate Banking Committee hearing to welcome six witnesses to testify in in May, Scott said he was concerned the SAFE Banking Act “would create loopholes in our money laundering laws, making it harder to catch criminals that traffic weapons, fentanyl and even people.”
Mike Crapo (Idaho.): No … Crapo is expected to vote against the cannabis banking bill. He has a history of opposing the SAFE Banking Act.
Mike Rounds (S.D.): No … Rounds is expected to vote against the cannabis banking bill. Earlier this month, he told The Hill, “I don’t know if we got the votes. At least they don’t have my vote at this stage of the game.”
Thom Tillis (N.C.): No … Tillis is expected to vote against the cannabis banking bill after revised language did not include changes he wanted, according to Politico.
John Kennedy (La.): No … Kennedy is expected to vote against the cannabis banking bill, per Politico.
Bill Hagerty (Tenn.): Uncertain … Hagerty’s office did not return an email from Cannabis Business Times with regard to his support/opposition of the legislation.
Cynthia Lummis (Wyo.): Yes … Lummis is an original co-sponsor for both the SAFER and SAFE Banking acts.
JD Vance (Ohio): Uncertain … Vance’s office did not return an email from Cannabis Business Times with regard to his support/opposition of the legislation.
Katie Britt (Ala.): Uncertain … Britt’s office did not return an email from Cannabis Business Times with regard to her support/opposition of the legislation.
Kevin Cramer (N.D.): Yes … Cramer is an original co-sponsor for both the SAFER and SAFE Banking acts.
Steve Daines (Mont.): Yes … Daines is an original co-sponsor for both the SAFER and SAFE Banking acts.
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