In a recent interview with AskAPol, Senate Banking Committee Chairman Sherrod Brown reaffirmed his commitment to passing marijuana banking reform legislation, calling it a "high priority" for him and Senate Majority Leader Chuck Schumer. The Secure and Fair Enforcement Regulation (SAFER) Banking Act, which cleared Brown's committee in September, now awaits floor action.

Despite ranking member Sen. Tim Scott's lack of enthusiasm for the bill, Brown stated that several members of the committee are supportive. The chairman acknowledged the complexity of advancing the legislation due to House dynamics but expressed his determination to see progress. He noted that he was unaware of Vice President Kamala Harris's recent cannabis clemency event, where she called for broader marijuana reform.

Meanwhile, Treasury Secretary Janet Yellen highlighted the challenges faced by banks due to ongoing federal marijuana prohibition during a committee hearing. Yellen emphasized the need for Congress to pass reform legislation to address these banking issues, further signaling support for marijuana banking reform.

As Congress finalizes appropriations legislation for the 2024 Fiscal Year, discussions surrounding cannabis banking have gained momentum. Schumer reiterated that the SAFE Banking Act remains a "very high priority" for the Senate, with productive bicameral talks taking place to reach a final agreement.

House Majority Whip Tom Emmer, who attended an American Bankers Association (ABA) summit earlier this week, expressed his support for the SAFE Banking Act, urging the federal government to act promptly on incremental reform.

Bipartisan support has been evident in previous House sessions, with various versions of the legislation passing seven times. However, Senate leadership has delayed floor consideration due to uncertainties about the GOP-controlled House's approach. Disagreements over non-cannabis provisions within the bill, particularly those related to broader banking regulations in Section 10, have also played a role in delaying the bill's progress.

Despite these challenges, negotiations are ongoing, and recent reports suggest that a final deal may soon be on the horizon. Senator Jeff Merkley, the Democratic sponsor of the SAFE Banking Act, expressed optimism about gaining momentum and passing the legislation this year. The office of Republican sponsor Senator Steve Daines also affirmed their commitment to getting the bill across the finish line.

Looking ahead to 2024, Senate Majority Leader Schumer vowed to continue focusing on key issues, including marijuana banking reform. Senator Maria Cantwell recently joined as a cosponsor of the SAFE Banking Act, bringing the total number of supporters to 36.

If the bill does make it to the Senate floor this year, it is expected to undergo amendments. Schumer has specifically discussed the possibility of including provisions on state-legal cannabis expungements and gun rights for cannabis consumers, highlighting the moral responsibility to address these related issues.

Former Representative Ed Perlmutter, the original sponsor of the first cannabis banking reform bill, expressed his hope for enough time and momentum to enact the measure this year. With ongoing support from readers, Marijuana Moment continues to track over 1,400 cannabis, psychedelics, and drug policy bills at the state and federal levels.

In conclusion, as talks intensify and bipartisan support grows, the push for marijuana banking reform legislation remains at the forefront of congressional priorities. Despite challenges and disagreements, proponents are optimistic that progress can be made, leading to increased access to financial services for state-legal cannabis businesses.