Democratic Senator Says Trump’s Support For Marijuana Banking Bill Is ‘Great’ And ‘Helpful,’ But Path To Passage Remains Unclear

The Democratic Senate sponsor of a bipartisan marijuana banking bill says it’s “great” and “helpful” that former President Donald Trump has come out in support of the reform—though the pathway to passage in the chamber remains uncertain.

Sen. Jeff Merkley (D-OR) told Marijuana Moment on Tuesday that, because there has generally been an agreement not to insert additional policy-related provisions into a continuing resolution to keep the federal government funded, lawmakers will “look to the next possible vehicle” to advance the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

Asked whether Trump’s newfound support for cannabis industry banking access could move the needle on the GOP side, the senator said he thinks “it’s great” that the 2024 GOP nominee has taken that position, adding that the legislation has “never been a partisan” issue.

“We’ve got both blue and red states that have either medical cannabis or recreational cannabis—and more and more across the country… it’s supported by the people of the country,” he said. And the former president’s embrace of the issue is “helpful” because it underscores that sense of bipartisanship.

As far as whether Trump’s backing for the SAFER Banking Act will bring more crucial Republican support needed to advance the legislation to passage, the senator said that’s a better question for the bill’s GOP sponsor Sen. Steve Daines (R-MT), “since he’s the motivator and [vote] counter on the Republican side.”

Marijuana Moment reached out to Daines’s office for comment, but a representative was not immediately available.

“It’s always been a complicated bill, trying to work out the issues with the bank regulators, which have thrown a few wrenches in,” Merkley said. “My feeling is there’s no perfect language, but the intent of making sure the regulators do not use their social values to guide banks into shutting down accounts is pretty clear.”

While the main thrust of the SAFER Banking Act is to protect banks from being penalized simply because they work with state-licensed marijuana businesses, the senator seems to be referring to another section of the bill favored by Republican members that’s meant to more broadly restrict federal regulators from discriminating against certain controversial industries.

“I feel like the bill is pretty strong on that score, and we should get it passed,” he said. “Banking regulators don’t want anything that tells them they can’t shut down an account for any reason they want, so that’s the challenge.”

Time is running short to move the cannabis banking bill this session. And with Congress set to recess this week, no action is expected until after the November election.

Meanwhile, Sens. Elizabeth Warren (D-MA) and Tommy Tuberville (R-AL) separately challenged the idea that there’s enough GOP support for the SAFER Banking Act, which cleared committee last year, to pass on the Senate floor during the lame duck session following the election.

Warren accused certain Republican members of overstating support for the legislation within their caucus, while also taking a hit at Trump for doing “nothing” on cannabis reform during his time in office as he makes a policy pivot ahead of the election by coming out in support of the marijuana banking bill and federal rescheduling.

Beyond Daines, there are four other GOP cosponsors on the current bill (and seven on an earlier iteration filed this session), but Warren suggested that a larger handful is necessary to ensure its success if Senate Majority Leader Chuck Schumer (D-NY) were to bring it to the floor.

Sen. John Hickenlooper (D-CO) also recently argued in an interview with Marijuana Moment that the main barrier to getting the marijuana banking bill across the finish line is a lack of sufficient Republican support in the chamber. And he said if Trump is serious about seeing the reform he recently endorsed enacted, he needs to “bring us some Republican senators.”

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Senate Banking Committee Chairman Sherrod Brown (D-OH) also recently reiterated the need to advance the SAFER Banking Act as a public safety imperative, promoting it in a video where he tours an Ohio cannabis business. In a recent interview with Marijuana Moment, he also said that “we don’t have enough Republicans, we don’t think.”

Many would like to see a Senate roll call vote on the bill before the end of this Congress—at the very least so members are forced to go on the record amid conflicting reports about whether it has enough support to reach the steep 60-vote threshold to advance to passage. But if it were to fail, some feel that setback could prove all the more damaging to its long-term prospects of success.

Separately Rep. Earl Blumenauer (D-OR), co-chair of the Congressional Cannabis Caucus, said in a letter to House Speaker Mike Johnson (R-LA) that the cannabis banking bill is one example of a measure that should be brought to the floor imminently following Trump’s statement, as well as recent reporting about unearthed audio where former President Richard Nixon could be heard conceding that cannabis is “not particularly dangerous.”

“I would suggest moving policies that, instead of further dividing us, makes a difference for the American people, including for our veterans, law enforcement, small businesses, and more,” the congressman, who is retiring at the end of this Congress, said. “It’s never too late to do the right thing.”

Whether Johnson would be willing to take the congressman’s advice remains to be seen, however. Prior to becoming speaker, Johnson consistently opposed cannabis reform, including on incremental issues like cannabis banking and making it easier to conduct scientific research on the plant.

The LCB contributed reporting from Washington, D.C. 

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Photo courtesy of Mike Latimer.