SAFE Banking Hopes Fade as Congress Scrambles to Approve Spending Deal

SAFE Banking Hopes Fade as Congress Scrambles to Approve Spending Deal
Cannabtimes

<![CDATA[The Secure and Fair Enforcement (SAFE) Banking Act may be in peril as Congress works to approve a federal spending deal that may or may not include the cannabis banking reform legislation.The omnibus spending bill is set to pass in the coming days, with some lawmakers pushing to include SAFE Banking in the deal to allow federally regulated financial institutions to work with state-legal cannabis businesses.Senate Majority Leader Chuck Schumer, D-N.Y., and House Speaker Nancy Pelosi, D-Calif., tried to tack the SAFE Banking Act onto the National Defense Authorization Act (NDAA) earlier this month, but Senate Minority Leader Mitch McConnell, R-Ky., ultimately scrapped that plan.Sen. Steve Daines, R-Mont., the new chairman of the National Republican Senatorial Committee (NRSC) and the lead Republican backing the SAFE Banking Act, is now leading the charge to insert the cannabis banking provisions into the spending package, according to The Hill. Daines noted that 28 attorneys general back the SAFE Banking Act and argued that the legislation would increase public safety, the news outlet reported.RELATED: Independent Community Bankers Association, Affiliated State Associations Call on Senate to Pass SAFE Banking Act“My support for SAFE Banking relates to the first word in the bill. It’s called ‘safe,’” Daines told The Hill. “This is a public safety issue. For states that have legalized cannabis, this is a way you can make a community safe—by taking the cash off the street and put it in the bank.”“It’s got to be addressed,” added Sen. Dan Sullivan, R-Alaska. Sullivan, Daines and Sen. Rand Paul, R-Ky., have largely led Republicans’ push for the SAFE Banking Act, The Hill reported.“Guys like me have been trying to make the case to my conference that this is not some kind of crazy bill. It’s a bill about safety and small businesses,” Sullivan said.Opponents of the…

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Source : SAFE Banking Hopes Fade as Congress Scrambles to Approve Spending Deal

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