Bipartisan senators tell MEDCAN24 that they remain eager to advance a marijuana banking bill—though there’s disagreement about whether a decision from President Donald Trump to reschedule cannabis would open the door to passing additional reforms in Congress.
In an interview series on Thursday, Senators. Steve Daines(R-MT), Dan Sullivan(R-AK), and Ron WydenD-OR were asked questions about the pending rescheduling that Trump stated in late August was going to be determined within weeks. The three were asked about the possible impact that this policy change could have on Congress’ attitudes towards other cannabis bills that are currently stalled. This includes the Secure and Fair Enforcement Banking Act (SAFE).
Daines said he was “not certain absolutely” if moving marijuana to Schedule III under the Controlled Substances Act would have a meaningful impact on how his fellow Republicans approach financial services legislation. Daines said that “many Senators have strong opinions” and they “keep those opinions apart from SAFE Banking”.
I’m against recreational marijuana. It passed in Montana despite my vote against it. Daines stated, “I definitely support SAFE Banking. I think it’s a good idea to take that money off the street and deposit it in banks.” The right thing to be done.
The reclassification of cannabis would not result in federal legalization, but would allow for its recognition as a medical drug, and would lift some research restrictions associated with Schedule I drugs. It would also permit marijuana businesses to claim federal tax deductions that they were previously barred from taking under Internal Revenue Service code 280E.
Daines, who is opposed to SAFE Banking but still supports the larger debate about marijuana policy said: “I will stay out of this.”
Sullivan for his own part said he was “not following” any developments in the rescheduling issue, and he implied that his constituents were not particularly vocal about this matter when they contacted his office.
My view is that we must just [pass] He said, “the Banking Act.” It’s the only one with bipartisan support.
Wyden, when asked about the possibility of rescheduling the schedules for the upcoming elections, said that he is “working” on the issue and “pressuring” the Administration to make the change.
Wyden, unlike Daines said that rescheduling marijuana laws would “finally” send “a huge message” about it to his peers.
I’d really like to see it. It would be a great way to get into stores and in all those areas that have a lot of consumer demand,” said Trump, who added, “Trump has been all over the board on this issue, but I’m hoping he will want to work out the markets.”
There are a number of senators ready to go,” said he.
Last month, Sen. Bernie Moreno of Ohio told AskAPol that he felt that Trump’s advancing rescheduling was an “important Domino” for the advancement of bipartisan cannabis bank legislation.
The Senator, who was expected to lead the bill in the current Congress, had previously stated that the Secure and Fair Enforcement Regulation Banking Act, (SAFER), would be considered this fall.
Moreno added, “We still have to see what we can achieve in Q4″. As you may know, Democrats have a ton of things for us to do. It is our duty to finance the government and to ensure that we get [the National Defense Authorization Act, or NDAA] We’ve got to get across the finish. We’ve gotta get [Trump’s judicial nominations] done.”
It remains to be determined whether Trump will ultimately move forward with the rescheduling. Despite his endorsement of rescheduling on the campaign trail ahead of his election for a second term, he declined to restate that support when asked about it during a briefing in August—though he did say a decision would come within weeks.
Trump also expressed support on his campaign trail for the marijuana banking industry during his second-term, but has been silent since the election.
Separately, the president last month posted a video on his Truth Social platform promoting the health benefits of cannabis—suggesting that covering CBD under Medicare would be “the most important senior health initiative of the century.”
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In the meantime, Rep. Betty McCollum, (D-MN), during last month’s markup of the House Appropriations Committee, criticized that provisions were not included in a major spending bill to protect banks who work with licensed state-licensed hemp and marijuana businesses.
Relatedly, a bipartisan coalition of 32 state and territory attorneys general from across the U.S. recently called on Congress to pass a marijuana banking bill to free up financial services access for licensed cannabis businesses.
Jeff Merkley of Oregon, who was the Democratic Senate Sponsor for marijuana banking in the past, recently stated that despite the efforts made to organize meetings related to the bill, it has not been a priority.
In January, the office of Rep. Dave Joyce (R-OH), who is again leading the effort on the House, told MEDCAN24 that he would be filing the cannabis banking legislation this session but that its introduction was “not imminent” as some earlier reports had suggested.
Washington, D.C., is where the LCB has contributed to reporting.
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