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Key US Senator Indicates Panel May Refuse To Hear Marijuana Banking Bill

The chair of a key U.S. Senate committee declined Tuesday to commit to considering legislation that would provide federal protections to financial institutions serving state-legal cannabis businesses, which is dubbed the SAFE Banking Act.

Sen. Mike Crapo, a Republican from Idaho, made the comments – as reported by Politico in a tweet – at a meeting of the Independent Community Bankers of America.

Crapo’s comments aren’t generally seen as a surprise given that cannabis industry watchers have long viewed the Republican-controlled Senate as the biggest hurdle for the measure, despite the fact that five Senate Republicans are now on board as cosponsors.

In late March, a House panel advanced the Secure And Fair Enforcement (SAFE) Banking Act, which has 168 co-sponsors in the Democratic-controlled House, including 18 Republicans. The measure is expected to get a full House vote by June.

Original Article Source: https://mjbizdaily.com/key-us-senator-indicates-panel-may-refuse-to-hear-marijuana-banking-bill/

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