Democratic Senate Majority Leader Chuck Schumer says he is still wrangling Republican support for a much-awaited marijuana banking reform bill.
Schumer has spent significant political capital trying to pass the SAFER Banking Act.
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If passed into law, the SAFER Banking Act would bar federal regulators from penalizing financial institutions for offering basic services such as bank accounts, payroll services and credit-card transaction processing to state-legal marijuana businesses.
The bill did receive two Senate hearings this year, including passage during a much-awaited markup hearing in September.
But before Schumer calls the bill to a floor vote, he needs support from “10 or 11 Republican” senators, he told Yahoo News.
Sixty votes are needed to overcome Senate cloture rules and pass legislation in Congress’ upper chamber.
The SAFER Banking Act currently has four Republican co-sponsors.
And with 51 Democrats in the Senate compared with 49 Republicans, rare
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