House Officially Approves Marijuana Banking Amendment To Large-Scale Bill Set For Final Passage Friday

The U.S. House of Representatives on Thursday formally attached a marijuana banking reform amendment to a large-scale bill dealing with innovation and manufacturing—the latest development in a years-long effort to protect financial institutions that work with state-legal cannabis businesses.

The amendment from sponsor Rep. Ed Perlmutter (D-CO) was preliminarily approved on a voice vote as part of an en bloc group with other amendments on Wednesday, but a roll call was requested. The chamber took that package back up on Thursday and passed it in a 262-168 vote.

There was no floor debate about the cannabis provision itself, demonstrating how relatively noncontroversial the bipartisan-supported reform is in the House. The Senate, as observers of the issue know, is a different story.

Next, advocates will wait to see if the full America COMPETES Act—with the newly attached Secure and Fair Enforcement (SAFE) Banking Act—will officially pass the House on Friday, when a final vote is expected. The banking amendment was first made in order by the Rules Committee for floor consideration on Tuesday.

Stakeholders have long been pushing for the SAFE Banking Act as a modest step toward reforming federal marijuana laws. Perlmutter previously tried to get the policy change enacted through a large-scale defense bill, but the language was stripped following bicameral negotiations.

NEW: #SAFEBanking has been formally added to #AmericaCOMPETES. I appreciate the bipartisan support from my colleagues and look forward to the final vote on the package tomorrow.

— Rep. Ed Perlmutter (@RepPerlmutter) February 3, 2022

The congressman shifted much of the blame on Senate Majority Leader Chuck Schumer (D-NY), who has insisted on advancing comprehensive legalization legislation like the bill he’s finalizing before moving the banking bill.

—Marijuana Moment is already tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.—

The Senate already passed its related version of the new innovation bill, with a focus on competing with China trade, and that legislation does not contain the cannabis banking language. What that means is that there will likely be another round of  bicameral negotiations that could decide the fate of the marijuana reform through this latest vehicle.

At Tuesday’s Rules Committee hearing, Perlmutter said that he’s planning to offer the SAFE Banking Act as an amendment to “every single bill I possibly can until it’s passed,” and he acknowledged that his colleagues are probably “becoming all too familiar with” the legislation in light of his repeated advocacy for it.

While Schumer may have played a key role in blocking SAFE Banking through the National Defense Authorization Act late last year after the House attached the cannabis language to its version of the bill, he did say in a meeting with equity advocates last week that he’s open to passing cannabis banking reform if additional provisions were attached that specifically benefit communities most impacted by prohibition.

Still, stakeholders have grown impatient with the leader’s interference in passing the SAFE Banking Act given that it’s considered a passable, bipartisan bill, whereas comprehensive legalization does not have a clear path in the Senate, even with a slim Democratic majority.

Perlmutter, meanwhile, is retiring from Congress after this session and has emphasized that he’s committed to passing his bill first.

Even some Republicans are scratching their heads about how Democrats have so far failed to pass the modest banking reform with majorities in both chambers and control of the White House. For example, Rep. Rand Paul (R-KY) criticized his Democratic colleagues over the issue last month.

In the interim, federal financial regulator Rodney Hood—a board member and former chairman of the federal National Credit Union Administration (NCUA)—recently said that marijuana legalization is not a question of “if” but “when,” and he’s again offering advice on how to navigate the federal-state conflict that has left many banks reluctant to work with cannabis businesses.

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House Approves Marijuana Banking On Voice Vote Without Debate, But Roll Call For Final Approval Expected Thursday

The U.S. House of Representatives on Wednesday preliminarily approved an amendment that would protect banks that work with state-legal marijuana businesses. But while the measure was procedurally adopted in a voice vote without debate as part of an en bloc package with other amendments, a roll call vote was requested for formal passage, which is expected on Thursday.

Rep. Ed Perlmutter (D-CO) has been seeking potential vehicles for his Safe and Fair Enforcement (SAFE) Banking Act, which has previously cleared the chamber five times in some form. His latest attempt is to attach the measure to large-scale innovation and manufacturing legislation that’s now advancing through Congress.

Following roll call votes on amendments on Thursday, floor action to officially pass the comprehensive bill known as the America COMPETES Act is planned by the end of the week.

The banking amendment was first made in order by the Rules Committee for House consideration on Tuesday.

—Marijuana Moment is already tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.—

This legislative narrative is familiar to advocates and stakeholders who have been pushing for the SAFE Banking Act as a modest step toward reforming federal marijuana laws. Perlmutter previously tried to get the policy change enacted through a large-scale defense bill, but the language was stripped following bicameral negotiations.

The congressman shifted much of the blame on Senate Majority Leader Chuck Schumer (D-NY), who has insisted on advancing comprehensive legalization legislation like the bill he’s finalizing before moving the banking bill.

The Senate already passed its related version of the new innovation bill, with a focus on competing with China trade, and that legislation does not contain the cannabis banking language. What that means is that there will likely be another round of  bicameral negotiations that could decide the fate of the marijuana reform through this latest vehicle.

At Tuesday’s Rules Committee hearing, Perlmutter said that he’s planning to offer the SAFE Banking Act as an amendment to “every single bill I possibly can until it’s passed,” and he acknowledged that his colleagues are probably “becoming all too familiar with” the legislation in light of his repeated advocacy for it.

I'm glad to see #SAFEBanking included in #AmericaCOMPETES and look forward to it again passing the House as part of the package later this week. https://t.co/Tm5Wr7oWj3

— Rep. Ed Perlmutter (@RepPerlmutter) February 2, 2022

While Schumer may have played a key role in blocking SAFE Banking through the National Defense Authorization Act late last year after the House attached the cannabis language to its version of the bill, he did say in a meeting with equity advocates last week that he’s open to passing cannabis banking reform if additional provisions were attached that specifically benefit communities most impacted by prohibition.

Still, stakeholders have grown impatient with the leader’s interference in passing the SAFE Banking Act given that it’s considered a passable, bipartisan bill, whereas comprehensive legalization does not have a clear path in the Senate, even with a slim Democratic majority.

Perlmutter, meanwhile, is retiring from Congress after this session and has emphasized that he’s committed to passing his bill first.

Even some Republicans are scratching their heads about how Democrats have so far failed to pass the modest banking reform with majorities in both chambers and control of the White House. For example, Rep. Rand Paul (R-KY) criticized his Democratic colleagues over the issue last month.

In the interim, federal financial regulator Rodney Hood—a board member and former chairman of the federal National Credit Union Administration (NCUA)—recently said that marijuana legalization is not a question of “if” but “when,” and he’s again offering advice on how to navigate the federal-state conflict that has left many banks reluctant to work with cannabis businesses.

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Congressman Files New Marijuana Banking Reform Amendment To Large-Scale House Bill

The House sponsor of a bill to protect banks that work with state-legal marijuana businesses announced on Friday that he is seeking to attach an amendment containing the reform to a broader bill dealing with research and innovation in the tech and manufacturing sectors.

Rep. Ed Perlmutter (D-CO), sponsor of the Secure and Fair Enforcement (SAFE) Banking Act, has expressed interest in finding another vehicle to pursue his proposal after it was stripped from a separate defense bill late last year. The congressman’s legislation has cleared the House in five forms at this point, only to stall in the Senate.

His latest attempt to get the reform enacted is by filing an amendment with the SAFE Banking language to the America COMPETES Act, which does not deal specifically with cannabis issues as drafted but was introduced in the House this week.

“Cannabis-related businesses—big and small—and their employees are in desperate need of access to the banking system and access to capital in order to operate in an efficient, safe manner and compete in the growing global cannabis marketplace,” Perlmutter, who is retiring from Congress after this session and committed to passing his bill first, said in a press release.

I have filed #SAFEBanking as an amendment to #AmericaCOMPETES b/c cannabis-related businesses – big and small – are in desperate need of access to capital & the banking system in order to operate in an efficient, safe manner & compete in the growing global cannabis marketplace.

— Rep. Ed Perlmutter (@RepPerlmutter) January 28, 2022

“The SAFE Banking Act is the best opportunity to enact some type of federal cannabis reform this year and will serve as the first of many steps to help ensure cannabis businesses are treated the same as any other legal, legitimate business,” he said. “I will continue to pursue every possible avenue to get SAFE Banking over the finish line and signed into law.”

It remains to be seen whether the America COMPETES Act will serve as a more effective vehicle for the cannabis banking bill than the National Defense Authorization Act (NDAA), where the language was successfully attached on the House side but later removed amid bicameral negotiations. Perlmutter said at the time that Senate leadership, which is working on comprehensive legalization legislation, was to blame for the decision to remove his amendment from the proposal.

The new SAFE Banking Act amendment will still need to be made in order by the House Rules Committee in order to be formally be considered on the House floor when the body takes up the research and innovation package. The deadline to file amendments was Friday, and the panel is set to take them up starting on Tuesday.

Even some Republicans are scratching their heads about how Democrats have so far failed to pass the modest banking reform with majorities in both chambers and control of the White House. For example, Rep. Rand Paul (R-KY) criticized his Democratic colleagues over the issue last month.

In the interim, federal financial regulator Rodney Hood—a board member and former chairman of the federal National Credit Union Administration (NCUA)—recently said that marijuana legalization is not a question of “if” but “when,” and he’s again offering advice on how to navigate the federal-state conflict that has left many banks reluctant to work with cannabis businesses.

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