The push to pass major federal cannabis banking reform resumes in earnest Thursday during a Democratic-controlled U.S. Senate Banking Committee hearing about the challenges that a largely cash-based industry poses to small businesses and employees.
Guaranteed to enter the conversation is the much-anticipated Secure and Fair Enforcement (SAFE) Banking Act, which a bipartisan group of lawmakers in both chambers of Congress reintroduced in late April.
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As observers note, the House of Representatives has passed SAFE Banking in some form seven times under Democratic leadership.
Prospects in Republican House Speaker Kevin McCarthy’s chamber are less certain, but the Senate is understood to be the main obstacle.
The Senate has never voted on the proposal, either on the floor or in committee, despite vocal support from Majority Leader Chuck Schumer, who on Saturday repeated an earlier (and unfulfilled) promise to get banking reform done.
It’s believed President Joe
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