Grassroots key as Senate cannabis banking debate ramps up

With the debate over ICBA-advocated cannabis banking legislation picking up as some policymakers express concerns and others confidence in the bill's passage, ICBA is urging community bankers to continue speaking out to their members of Congress.

‘No' Vote: Sen. Charles Grassley (R-Iowa) told reporters that he would vote no on the ICBA-advocated SAFE Banking Act if it were brought up for a standalone vote. Lawmakers, however, are working to include the bill—which would establish a cannabis banking safe harbor in states where cannabis is legal — as a provision of must-pass end-of-year legislation.

Senate Support: Politico reported, meanwhile, that other Republican senators have said there are the requisite 60 votes in that chamber to pass the legislation, with Senate Banking Committee Chairman Sherrod Brown (D-Ohio) expressing support for including the measure in the end-of-year National Defense Authorization Act.

DOJ Memo: Separately, a Justice Department memo released by Punchbowl News said the SAFE Banking Act could complicate law enforcement, though a DOJ official told the outlet that the department could effectively implement the legislation with some minor changes.

Grassroots Push: With the debate heating up as lawmakers look to advance the SAFE Banking Act before the current Congress ends in less than a month, community bankers can use ICBA's Be Heard grassroots action center to weigh in with their lawmakers to overcome the Senate logjam.