MJ moment

A bill to protect banks that service state-legal marijuana businesses could get a fair shot of advancing through the Senate next year, even if Republicans maintain control of the chamber. While it remains to be seen if Democrats will be able to secure enough seats to reclaim the Senate in two Georgia runoffs in January, the GOP member expected to take helm of the Banking Committee if his party maintains a majority said recently that he’s open to the modest reform. Asked by American Banker whether he’d be inclined to work with Democrats—particularly Ranking Member Sherrod Brown (D-OH)—on the Secure and Fair Enforcement (SAFE) Banking Act, Sen. Pat Toomey (R-PA) replied in the affirmative. “I am open to working with my colleagues on how we could enable businesses that are operating legally in their respective states to be able to have ordinary banking services,” he said. “I think that’s something we should work on.” The would-be chairman made similar remarks to Politico earlier this month, stating that he is “sympathetic to the idea that people who are involved in [the] cannabis industry—in an entirely legal fashion—ought to be able to have ordinary banking services.” While Toomey has not embraced broad marijuana reforms such as legalization, he did praise a 2015 Obama administration move to ease some restrictions on cannabis research. It’s worth noting that his latest comments were prompted by the banking-focused publication under the assumption that Brown would push for the legislation in his leadership position. But the Democrat signaled differently in an interview last week, saying that when it comes to the broader issue of marijuana, “I just don’t think that’s a major priority compared to so much else.” Current Banking Chairman Mike Crapo (R-ID) has previously expressed a willingness to put the cannabis banking bill to a…

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Source : Senate Should Take Up Marijuana Banking Bill, GOP Lawmaker Who Could Chair Key Committee Says

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