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Republican Support Boosts Prospects for Cannabis Banking Reform Bill

MRBRepublican Support Boosts Prospects for Cannabis Banking Reform Bill

Federal cannabis banking reform gains vital Republican support, thwarting filibuster prospects. Nine Senate Republicans, including Sen. Susan Collins of Maine, have rallied behind the Secure and Fair Enforcement (SAFE) Banking Act. This legislation, facilitating cooperation between federally regulated financial institutions and state-legal cannabis businesses that often rely on cash transactions, has seen limited Senate action despite House passage. Progress in the Senate Banking Committee, led by Sen. Sherrod Brown of Ohio, sparks optimism for Senate floor consideration, contingent on resolving concerns raised by Sen. Jack Reed of Rhode Island regarding Section 10 of the bill. This section pertains to deposit account termination and notification requirements, with Reed highlighting potential risks and broad regulatory scope. Further committee deliberation is expected before a potential vote. The growing support among Republicans, including Collins, diminishes filibuster prospects. Democrats and Independents controlling a 51-49 majority in the Senate, coupled with these Republican backers, likely ensure the required 60 votes for passage. The ball is now in the Democrats’ court, particularly with Sen. Sherrod Brown and Majority Leader Sen. Chuck Schumer.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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