Senate Democrats have released an updated and rebranded cannabis banking reform bill ahead of a long-awaited committee markup and expected vote scheduled for next Wednesday.
Instead of SAFE Banking, the Senate Banking Committee on Sept. 27 will pore over a bill called SAFER Banking, a bipartisan group of senators confirmed to MJBizDaily on Wednesday.
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SAFER Banking is short for Secure and Fair Enforcement Regulation Banking Act.
Together, the updated banking bill – and the Aug. 29 recommendation by federal health officials that marijuana be reclassified – boost the odds for a major marijuana industry-friendly overhaul of federal drug laws.
Politico first reported the new bill language late Tuesday.
Democratic Senate Majority Leader Chuck Schumer, who has made banking reform a priority, hailed the introduction of the SAFER Banking bill.
“This legislation will help make our communities and small businesses safer by giving legal cannabis businesses access to
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