Trump Needs To ‘Bring Us Some Republican Senators’ To Pass Marijuana Banking Bill Following His Endorsement, Democrat Says

If former President Donald Trump is serious about his recently stated support for a cannabis banking bill, he needs to “bring us some Republican senators” to advance it through the chamber, a Democratic senator told Marijuana Moment as other lawmakers similarly said increased GOP support is needed to advance the reform.

Senate Banking Committee Chairman Sherrod Brown (D-OH), as well as Sens. John Hickenlooper (D-CO) and Mike Braun (R-IN), weighed in on the cannabis banking issue in interviews on Tuesday, though none were aware at the time that Trump, the 2024 GOP nominee, had endorsed the policy change days earlier.

The Secure and Fair Enforcement and Regulation (SAFER) Banking Act cleared Brown’s Banking Committee last September, but it’s yet to receive floor consideration. Brown and Hickenlooper both suggested the main obstacle is ensuring that enough GOP members get on board to meet the steep 60-vote threshold for passage.

Braun, for his part, said it’s “still pretty difficult” to meet that vote requirement under the current political composition of the chamber.

Brown told Marijuana Moment that “we don’t have enough Republicans, we don’t think,” to secure the passage of the SAFER Banking Act. That point has previously been contested, however, with the bill’s lead Republican sponsor Sen. Steve Daines (R-MT) insisting that the votes are there to move the measure along.

“We’re trying to figure out how to move these things when we have a Republican party that doesn’t always step up,” Brown said. He noted resistance from Sen. Tim Scott (R-SC), ranking member of the Banking Committee, but since it already moved through that panel, it’s unclear why that would represent a major obstacle to bringing it to the floor.

Pressed on Trump’s recent endorsement of the banking legislation, Brown said he’s “not listening to the presidential campaigns weigh in on this stuff,” and he said he’s consistently spoken to Senate Majority Leader Chuck Schumer (D-NY) about this and other legislative priorities.

Hickenlooper, meanwhile, said that while he hadn’t been appraised on the latest Trump remarks on cannabis banking, he’s skeptical about how serious the former president is in the position, commenting that “it might change by tomorrow” given his proclivity for rapidly taking on opposite sides of various issues.

He added that the SAFER Banking Act is “going through this process,” but he also said the Biden administration’s push to federally reschedule cannabis represents “a major step forward” that could help grease the wheels on marijuana banking reform.

“I think rescheduling is going to get SAFE Banking through the Senate,” the senator said. “Donald Trump can say whatever he wants, but unless you bring us some Republican senators, we’re not going to get SAFE Banking.”

The Congressional Research Service (CRS) released a report last month explaining that federal marijuana rescheduling is “unlikely” to improve banking access for state-legal cannabis businesses, But Rep. Earl Blumenauer (D-OR), co-chair of the Congressional Cannabis Caucus, similarly argued that the reclassification move, when it is enacted, could have a political effect that spurs action on the separate marijuana banking legislation.

It should also be noted that the proposed rescheduling action isn’t guaranteed. Following a public comment period, the Drug Enforcement Administration (DEA) last month announced that it has scheduled an administrative hearing in December to gain additional input before potentially finalizing the rule. It’s possible that rulemaking could extend into January, meaning there’s a chance that the next presidential administration could influence the final outcome.

Meanwhile, as the November election approaches, a recent series of polls found widespread majority support for marijuana legalization, cannabis federal rescheduling and cannabis industry banking access among likely voters in three key presidential battleground states: Michigan, Pennsylvania and Wisconsin.

The LCB contributed reporting from Washington, D.C. 

Florida Democratic And GOP Senators Promote Marijuana Legalization In Joint Ad As DeSantis Claims Ballot Measure Would Benefit A ‘Weed Cartel’

Photo courtesy of Mike Latimer.