Marijuana Law, Policy & Reform

Editor: Douglas A. Berman
Moritz College of Law

Monday, September 16, 2019

Serious talk of marijuana banking bill moving forward in Congress

This new Politico piece, headlined "Hoyer plans cannabis banking vote this month," reports that there is new momentum behind a small but very important federal marijuana reform bill.  Here are the details:

House Majority Leader Steny Hoyer intends to put cannabis banking legislation on the floor this month, a historic step toward legitimizing the marijuana industry nationwide.

A Hoyer spokesperson said the Maryland Democrat was discussing the matter with members but hasn't scheduled the vote just yet. He shared his plans at a whip meeting yesterday.  Other House Democratic aides said they expected the bill to be on the floor during the week of Sept. 23.

The bipartisan legislation would shield banks from federal penalties if they serve cannabis-related businesses in states where the drug has been legalized. Banks have been lobbying for the bill because cannabis remains banned at the federal level.

The new movement in the House comes as the legislation appears to be getting unexpected traction in the Senate, where Banking Chairman Mike Crapo (R-Idaho) is planning to hold a vote on a cannabis banking bill this year.

This piece at Marijuana Moment, headlined "Marijuana Banking Bill Will Get A Full House Floor Vote This Month," provides more context and quotes concerning these developments. It also has this account why matters are now moving forward:

While sources told Marijuana Moment that Hoyer made his decision to allow cannabis banking vote following an earlier Wednesday meeting on the issue, it is likely that building momentum in the GOP-controlled Senate added to pressure on the House to act so that Democrats wouldn’t be seen as lagging behind Republicans on cannabis reform, an issue the party has sought to take political ownership of.

I have generally been pessimistic about the prospects for any form of federal marijuana reform primarily because Senate Majority Leader Mitch McConnell has seemed disinclined to allow any reforms to get to the Senate floor.  I fear that this remains a reality that will thwart passage of even a modest reform bill that might have considerable support on both sides of the aisle. But, as proved true with the sentencing reform legislation last year, it seems possible that Senator McConnell would be willing to move the bill if President Trump and a significant number of GOP Senators expressed support for it. Stay tuned.

https://lawprofessors.typepad.com/marijuana_law/2019/09/serious-talk-of-marijuana-banking-bill-moving-forward-in-congress.html

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