WASHINGTON — As Congress returns from its fourth of July recess, Senate Majority Leader Chuck Schumer, D-NY., listed executive compensation and cannabis banking bills as areas his party will continue working on in the next month.
Any legislation along these lines would have to win support from both sides of the aisle, Schumer said in his letter to Democratic lawmakers.
"Passing these bills will not be easy, and we will depend on cooperation of our Republican colleagues to get any of them done," he said. "I applaud our committees and our caucus for the continued work to make positive and meaningful changes in the lives of everyday Americans."
The Senate Banking Committee last month
That bill is widely expected to head to the full Senate during Congress' current work period, although it faces an uncertain future in the Republican-controlled House.
Schumer's mention of cannabis banking legislation is unusual, however, as the Senate banking committee has yet to mark up any legislation.
Momentum for the Secure and Fair Enforcement Banking Act, which would provide banks a legal safe harbor to work with cannabis firms, has largely died down since the bill was
Another version of the cannabis banking bill was reintroduced by Sen. Jeff Merkley, D-Ore., Sen. Steve Daines, R-Mont., Rep. Dave Joyce, R-Ohio, and Rep. Earl Blumenauer, D-Ore., in April. Versions of the legislation have passed seven times in the House, championed by now-retired Rep. Ed Perlmutter, D-Colo., but has yet to be moved out of committee in the Senate, despite consistent support from Schumer and advocacy in favor of the bill by bank lobbyists.
"The SAFE Banking Act is an urgently needed, and widely supported, bipartisan solution that will allow banks to handle not only the proceeds from both state-licensed cannabis businesses and the ancillary businesses — accountants, skilled trades, landlords, law firms, and other service providers — those businesses rely upon to operate, but also accept deposits from and make loans to employees of those businesses," said the American Bankers Association in a
