In an effort to bolster support for the Secure and Fair Enforcement Regulation (SAFER) Banking Act, Senate Majority Leader Chuck Schumer (D-NY) is asking individuals to sign a petition advocating for the legislation. Schumer has also reiterated his backing for comprehensive federal cannabis legalization.

With the current fiscal year's appropriations legislation set to be finalized by Congress, lawmakers are renewing their push to advance the SAFER Banking Act. Schumer, in a recent email blast, emphasized the urgent need for the bill's passage.

The email highlighted the challenges faced by law-abiding marijuana businesses across the country, particularly their limited access to basic banking services like deposits or lines of credit. Due to marijuana's continued federal illegality, banks are hesitant to interact with these businesses, leaving them with the burden of keeping significant amounts of cash on hand.

While Schumer continues to advocate for marijuana legalization, he stressed the immediate necessity to support these businesses. The email urged recipients to sign the petition in favor of the SAFER Banking Act, which aims to ensure that marijuana business owners can access essential banking services.

The petition, upon completion, leads individuals to a brief questionnaire on their familiarity with the cannabis banking issue. Questions such as the denial of services by about 90 percent of U.S. banks to marijuana businesses and the imposition of high service fees for those managing to secure a bank account were posed.

Schumer's push for the bill comes as the ball is now in his court. The Senate Banking Committee approved the bipartisan cannabis legislation in September and scheduling it for floor action precedes potential forwarding to the House, which has previously passed similar proposals seven times in recent sessions.

Although House dynamics pose some complexities, lawmakers appear optimistic about the prospects of the bill. Schumer emphasized the continued priority of the legislation for the Senate, with productive discussions underway for a final agreement. Senate Banking Committee Chairman Sherrod Brown (D-OH) also deemed passing the SAFER Banking Act off the floor a high priority.

House Majority Whip Tom Emmer (R-MN), despite not considering himself "a marijuana guy," has expressed his desire to see the legislation move forward. One of the factors delaying Senate floor consideration is the disagreement over broader banking regulations included in Section 10 of the bill. Nevertheless, ongoing bicameral negotiations suggest that a final deal could be imminent.

Sen. Jeff Merkley (D-OR), the Senate sponsor of the SAFER Banking Act, stated that the legislation is gaining momentum for a floor vote and passage this year. Sen. Steve Daines (R-MT), the bill's Republican prime sponsor, is actively working to advance the bill across the finish line.

As the 118th Congress begins the second half of its term, Schumer reiterated his commitment to building bipartisan progress on key issues, including marijuana banking reform. Sen. Maria Cantwell (D-WA) recently joined as a cosponsor of the SAFER Banking Act, totaling the chamber's cosponsors to 36, in addition to its lead sponsor.

If the SAFER Banking Act reaches the Senate floor this year, it is expected to undergo amendments. Schumer has discussed the possibility of further amending the bill to include provisions on state-legal cannabis expungements and gun rights for cannabis consumers, emphasizing the "moral responsibility" to do so.

Former Rep. Ed Perlmutter (D-CO), the original sponsor of the first cannabis banking reform bill, expressed hope that there is sufficient time and momentum to enact the measure in 2024 in a conversation with Marijuana Moment last month.

As the discussions and advocacy for the SAFER Banking Act continue, Schumer's call for support and the growing number of cosponsors indicate a mounting push to address the banking needs of the legal marijuana industry.