“Bottom line: The SAFE Banking Act is the best opportunity to enact some type of federal cannabis reform this term. By including the SAFE Banking Act in the final NDAA, we can safeguard our financial system, reduce the public safety risk in our communities, and help support Veteran and minority-owned businesses now,” he said, referring to the fact that his legislation most recently cleared the House as an amendment to the National Defense Authorization Act (NDAA).
“Enacting SAFE Banking is just the tip of the iceberg and it will help break the logjam and pave the way for broader, comprehensive cannabis reform and create a safer and more equitable industry,” Perlmutter said.
There are plenty of examples of congressional lawmakers who share that perspective, but others—particularly on the Senate side—have insisted on passing legalization first in order to ensure that social equity is prioritized.
For example, Schumer said last month that he and colleagues working to advance a federal marijuana legalization bill have an “agreement” that the body will not take up cannabis banking legislation until more comprehensive reform advances.
However, he said that he’s open to exploring an alternative way of advancing banking reform if lawmakers are able to incorporate social equity provisions of legalization—such as expungements for prior cannabis convictions—into the NDAA legislation that the chamber will be taking up soon.