U.S. Senators Cynthia Lummis and Steve Daines have announced their intention to introduce a new bill aimed at preventing federal legalization of cannabis. The senators believe that decisions regarding cannabis legalization should be made at the state level rather than at the federal level.
Their proposed bill is a response to the 2013 initiative known as “Operation Chokepoint,” which aimed to pressure banks to close accounts related to certain industries, including firearms and payday loans, due to the risk of fraud.
In a press statement, the senators explained that their bill would provide protections for energy companies and gun manufacturers against Environmental and Social Governance (ESG) initiatives that threaten their industries. These protections would be part of the Safe and Fair Enforcement Regulation (SAFER) Banking Act.
Senator Lummis emphasized the need to protect energy companies and gun manufacturers from reputational risks associated with ESG initiatives. She stated that the SAFER Banking Act would prevent federal bank regulators from ordering banks or credit unions to close accounts based on reputation risk.
The senators’ announcement comes after key amendments to the text of the SAFE Banking Act, which has been renamed the “Secure and Fair Enforcement Regulation (SAFER) Banking Act.” These amendments address regulatory actions discouraging banks from working with cannabis-related businesses, specifying that regulators must have a “valid reason” for such actions.
The senators stated that they oppose the federal legalization of cannabis and plan to introduce legislation to prevent the FDA from federally legalizing marijuana without congressional approval. They believe that the issue of cannabis legalization should be decided at the state level.
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