Democratic Senator Unsuccessfully Attempts To Add Marijuana Banking Bill Provision To Financial Regulations Proposal

A Democratic senator unsuccessfully attempted to attach a key provision of a marijuana banking bill—but not one that would’ve actually helped the cannabis industry access financial services—to a broader bill focused on the problem of debanking.

At a Senate Banking Committee markup on Thursday, Sen. Jack Reed (D-RI) filed an amendment to incorporate Section 10 of the Secure and Fair Enforcement Regulation (SAFER) Banking Act to the underlying Financial Integrity and Regulation Management (FIRM) Act that the panel was considering.

The crux of the SAFER Banking Act is to prohibit federal regulators from penalizing financial institutions for simply working with the cannabis industry. But Section 10 would not on its own achieve that; rather, it broadly aims to prevent banking regulators from targeting certain controversial businesses such as those in the firearm industry.

The amendment “would place guardrails around the regulators’ use of reputational risk, without eliminating the concept entirely,” Reed said, adding that the measure “prevents debanking in a responsible way.”

Watch the discussion on the SAFER Banking Act amendment, starting around 3:00:58 into the video below:

The proposal failed in a party-line vote of 13-11. But for advocates and stakeholders, there’s greater disappointment that neither Reed nor any other member of the committee from either party sought to incorporate the full cannabis banking bill into the FIRM Act, especially given recent discussions about its relevancy to the debanking issue.

“While I’m disappointed no one offered a SAFE Banking amendment to this very germane legislation, I’m equally disappointed in the industry advocates that didn’t make it happen,” Don Murphy, co-founder of the American Cannabis Collective, told Marijuana Moment. “Why weren’t they in the room?”

Dozens and dozens of amendments offered by @SenateDems to the Stablecoin bill and none on #SAFEBanking. I don’t mind when we strike out swinging, but too often we strike out looking. Disappointing!

— Don Murphy (@donmurphy12a) March 13, 2025

There’s outstanding frustration that the marijuana banking reform failed to be enacted last session with Democrats in control of the Senate and House of Representatives. The standalone SAFER Banking Act moved through the Senate Banking Committee in late 2023, but it was never brought to the floor. Earlier versions have passed the full House multiple times.

On the House side, a Republican lawmaker said last month that he’s hopeful that Congress will be able to get the marijuana banking bill across “the finish line” this session, arguing that the current barriers to financial services for the industry represent a “second tier” of prohibition.

Cannabis industry banking challenges also came up in several congressional hearings last month, including a Senate Banking Committee meeting on debanking where senators on both sides of the aisle addressed the lack of financial services access for marijuana businesses.

At that hearing, one GOP member suggested that the issue warrants a broader examination of federal cannabis policies.

The Brookings Institution’s Aaron Klein also briefly addressed the cannabis banking issue at the hearing after submitting written testimony where he recommended that the committee “either combine SAFE Banking with broader [suspicious activity reports, or SARs] reform or enhance SAFE Banking to address the problems with SARs filing on state-licensed cannabis businesses.”

Meanwhile, congressional researchers recently released a report detailing the subject of debanking—while making a point to address how the marijuana industry’s financial services access problem “sits at the nexus” of a state-federal policy conflict that complicates the debate.

While the SAFE Banking Act to address the issue is expected to be filed again this session—that introduction is “not imminent” as some recent reports have suggested, a spokesperson for the GOP House sponsor of the last version told Marijuana Moment in January.

“While introduction is not imminent, we hope to have a firmer update on timing within the coming weeks,” the staffer for Rep. Dave Joyce (R-OH) said.

With Republicans now in control of the House and Senate—and leadership having historically opposed even modest cannabis legislation, including the banking bill—there are open questions about the prospects of advancing marijuana reform this session.

However, some are holding out hope that a measure to allow cannabis industry banking access could move, especially given President Donald Trump’s endorsement of the proposal on the campaign trail.

Separately, the Government Accountability Office (GAO) announced in December that it’s convening focus groups comprised of marijuana businesses to better understand their experiences with access to banking services under federal prohibition.

—Marijuana Moment is tracking hundreds of 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.—

A Senate source told Marijuana Moment in December that Republican House and Senate leadership “openly and solely blocked” then-Senate Majority Leader Chuck Schumer’s (D-NY) attempt to include the bill in a government funding bill as the session came to a close.

Sens. Elizabeth Warren (D-MA) and Tommy Tuberville (R-AL) had challenged the idea that there was enough GOP support for the SAFER Banking Act to pass on the Senate floor during the lame duck session.

Warren accused certain Republican members of overstating support for the legislation within their caucus, while also taking a hit at Trump for doing “nothing” on cannabis reform during his time in office as he makes a policy pivot ahead of the election by coming out in support of the marijuana banking bill and federal rescheduling.

Sen. John Hickenlooper (D-CO) also recently argued in an interview with Marijuana Moment that the main barrier to getting the marijuana banking bill across the finish line is a lack of sufficient Republican support in the chamber. And he said if Trump is serious about seeing the reform he recently endorsed enacted, he needs to “bring us some Republican senators.”

Prior to becoming House speaker, Rep. Mike Johnson (R-LA) consistently opposed cannabis reform, including on incremental issues like cannabis banking and making it easier to conduct scientific research on the plant.

Meanwhile, on the one-year anniversary of a Senate committee’s passage of the SAFER Banking Act in September, the Congressional Budget Office (CBO) released an analysis on the economic impact of the reform, including the likely increase in federally insured deposits from cannabis businesses by billions of dollars once banks receive protections for servicing the industry.

Separately, the CEO of the financial giant JPMorgan Chase said recently that the company “probably would” start providing banking services to marijuana businesses if federal law changed to permit it.

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Photo courtesy of Mike Latimer.

Elizabeth Warren And GOP Senator Say Marijuana Banking Bill Lacks Enough Republican Votes Despite Trump Support

Democratic and Republican senators are challenging the idea that there’s enough GOP support for a bipartisan marijuana banking bill to pass the Senate, with Sens. Elizabeth Warren (D-MA) and Tommy Tuberville (R-AL) both raising new questions about the measure’s prospects as Congress heads toward a lame duck session following the November elections.

In a series of interviews published by The Dales Report on Thursday, multiple senators addressed—or outright ignored—questions about the status of the Secure and Fair Enforcement Regulation (SAFER) Banking Act that’s still pending floor action nearly a year after clearing committee.

Warren accused certain GOP members of overstating support for the legislation within their caucus, while also taking a hit at former President Donald Trump for doing “nothing” on cannabis reform during his time in office as he makes a policy pivot ahead of the election by coming out in support of the marijuana banking bill and federal rescheduling.

The senator was asked about why she thought the SAFER Banking Act has yet to be brought to the floor, and she said while the reform “should have been done years ago” and she remains hopeful it could still come up during the lame duck session, the problem ultimately comes down to insufficient support among Republicans.

“Look, we’ve got multiple paths for getting this done—and yet somehow we have never been able to stitch it all together,” Warren said. “Part of the problem has been that there still is significant Republican opposition, and the consequence of that is we have to have 60 or more votes in order to move forward.”

🎙️ Coming up at 4pm EST today! Full episode on feedback received this week in Washington concerning the #cannabisindustry. 🌿 #WashingtonDC#safebanking#yeson3$MSOS@V_arrell@ElGuapoTron4000@stoolpresidentehttps://t.co/du5lYhXBjcpic.twitter.com/rERiw8lsBt

— The Dales Report (@TheDalesReport) September 19, 2024

Without bipartisan consensus, that also means putting the SAFER Banking Act on the floor would take up more of the chamber’s limited time to move on various other legislative priorities for the remainder of the session, including must-pass appropriations legislation to keep the government funded.

“As you know, we’re under a lot of pressure to get a lot of other things done, as well as to get a lot of judges confirmed,” the senator said. “I very much want to see this happen, and have been pushing for it for years—not just as a passive passenger, but actually trying to make this happen.”

“I am hopeful that we can get it done in a lame duck, but I do understand this: With a Republican majority, we are never going to get this done,” Warren argued.

Pressed on claims from certain GOP members such as SAFER Banking Act lead GOP cosponsor Sen. Steve Daines (R-MT) that the Republican votes are there to pass the bill, Warren pushed back. She disputed the idea that Senate Majority Leader Chuck Schumer (D-NY) is principally to blame for inaction on the measure, claiming that “all of the Democrats” are on board with the reform and “we just need a handful of Republican votes.”

“They’re just not there when it comes time to sit down and vote,” she said.

Tuberville, a GOP senator who has voiced support for the cannabis banking bill but has not cosponsored it, told The Dales Report that while he places blame on Schumer for not bringing the SAFER Banking Act to a floor vote, he also said Republicans “just don’t have enough votes” to pass it even if it did come up.

“First of all, you’ve gotta remember that in the Senate, if you don’t have majority, you don’t control the floor,” he said. “They put the bills on the floor, and we can get on our hands and knees and beg, and they still wouldn’t do it. If it’s not gonna benefit the Democratic Party, they don’t care about the American people.”

Based on his assessment that the GOP caucus wouldn’t be able to help Democrats reach the 60-vote threshold, though, however, it seems unlikely that the party’s membership is groveling for floor action on the cannabis measure.

Daines, for his part, said that Trump’s recently support for cannabis banking “helps” move the agenda, adding that this reform proposal is “about public safety” and “we need to get this done.”

“Let’s get a vote on it. Let’s get an up-or-down vote and put your name on record,” he told The Dales Report. “Are you supporting this or opposing it? I think we’ve got the votes, but it’s going to be an after-election kind of discussion.”

Beyond Daines, there are four other GOP cosponsors on the current bill (and seven on an earlier iteration filed this session), but Warren is suggesting that a larger handful is necessary to ensure its success if Schumer were to bring it to the floor.

However, while the senator asserted that all Democratic members back the legislation, that remains to be seen. For example, Sen. Raphael Warnock (D-GA) voted against the bill in committee last year after his equity-centric amendments were defeated, and he’s yet to say whether he’d similarly protest the measure on the floor if his concerns aren’t addressed.

Warnock was also approached by The Dales Report and asked to comment on his current position on the bill, but he ignored the questions.

When we asked GA Senator @ReverendWarnock about his #SAFEBanking vote, citing wealthy investors would benefit he said to “get your quotes straight” .. here was our second encounter 🔥$MSOS@V_arrellpic.twitter.com/Q3JO2xnyXS

— The Dales Report (@TheDalesReport) September 18, 2024

Sen. Tim Scott (R-SC), ranking member of the Senate Banking Committee who has opposed the reform, was separately asked what he made of Trump’s policy shift in support of cannabis reform such as the SAFER Banking Act that he voted against, but he said simply, “I’m not quite sure” about it.

Asked about the potential of the banking bill receiving a floor vote, Sen. Jon Tester (D-MT) said “the challenge has always been the people carrying the bill don’t know how to get it done.”

Sen. Bob Casey (D-PA) said that while he’s “hoping to make progress on SAFE Banking, a lot of that will be determined after the election when we’re in that so-called lame duck period.

“But I hope we can make progress on it,” he said, adding that he doesn’t “want to speculate” about why Schumer hasn’t brought the legislation to the floor and that the majority leader has “got to deal with a lot of major issues, and I know he’s trying to advance it.”

“But like a lot of things around here, it’s a time-crunch,” he said. “I think we’re going to have a lot more time in that post-election period.”

Sen. John Hickenlooper (D-CO) also recently argued in an interview with Marijuana Moment that the main barrier to getting the marijuana banking bill across the finish line is a lack of sufficient Republican support in the chamber. And he said if Trump is serious about seeing the reform he recently endorsed enacted, he needs to “bring us some Republican senators.”

Warren also voiced skepticism about Trump’s marijuana policy pivot, which also involved an endorsement of federal rescheduling and a Florida cannabis legalization ballot initiative.

“Donald Trump can suddenly arrive on the scene and say he’s the biggest supporter ever. He was president for four years. The Republicans were in control. And exactly how much [did Congress] move forward on SAFE Banking? Nothing,” she told The Dales Report. “Because there are too many Republicans who want to see nothing happen here.”

“Do they want to say that out loud? No, they want to keep taking your money. They want to keep saying they’re going to do it, and they keep not making it happen,” the senator said.

“Look, I have talked with Senator Schumer about this multiple times. But don’t kid yourself: If he has the votes, he’ll put it on the floor,” Warren said. “But we don’t actually have the votes here. And the problem is not that we don’t have the Democrats. We’re all lined up for this. The problem is the Republicans.”

Meanwhile, Senate Banking Committee Chairman Sherrod Brown (D-OH) also recently reiterated the need to advance the SAFER Banking Act as a public safety imperative, promoting it in a video this week where he tours an Ohio cannabis business. In a recent interview with Marijuana Moment, he also said that “we don’t have enough Republicans, we don’t think.”

Many would like to see a Senate roll call vote on the bill before the end of this Congress—at the very least so members are forced to go on the record amid conflicting reports about whether it has enough support to reach the steep 60-vote threshold to advance to passage. But if it were to fail, some feel that setback could prove all the more damaging to its long-term prospects of success.

Separately Rep. Earl Blumenauer (D-OR), co-chair of the Congressional Cannabis Caucus, said in a letter to House Speaker Mike Johnson (R-LA) on Monday that the cannabis banking bill is one example of a measure that should be brought to the floor imminently following Trump’s statement, as well as recent reporting about unearthed audio where former President Richard Nixon could be heard conceding that cannabis is “not particularly dangerous.”

“I would suggest moving policies that, instead of further dividing us, makes a difference for the American people, including for our veterans, law enforcement, small businesses, and more,” the congressman, who is retiring at the end of this Congress, said. “It’s never too late to do the right thing.”

Whether Johnson would be willing to take the congressman’s advice remains to be seen, however. Prior to becoming speaker, Johnson consistently opposed cannabis reform, including on incremental issues like cannabis banking and making it easier to conduct scientific research on the plant.

Overall, there’s been sizable skepticism about the sincerity of Trump’s newfound cannabis position, including among bipartisan lawmakers.

For example, Reps. Alexandria Ocasio-Cortez (D-NY) and Andy Harris (R-MD) argued recently that the policy pivot amounts to a campaign ploy to attract voters ahead of the November election. Harris’s campaign has also recently accused Trump of lying about his support for marijuana reform, stating that his “blatant pandering” runs counter to his administration’s record on cannabis.

While the campaign seems willing to call out Trump on his marijuana platform, it has so far declined to detail the Democratic nominee’s own position—even though she privately reaffirmed her support for legalization during a roundtable event at the White House event with marijuana pardon recipients in March and also sponsored a bill to end federal prohibition during her time in the Senate.

Meanwhile, 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 Blumenauer 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.

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Photo courtesy of Chris Wallis // Side Pocket Images.

Top GOP Congressman Backs Passing Marijuana Banking Bill Paired With Cryptocurrency Reform, Saying ‘Our Country Will Benefit’

The Republican vice chair of the House Financial Services Committee says he would support a hybrid marijuana banking and cryptocurrency regulation bill, saying “our country will benefit” if both reforms are enacted.

In an interview with Bloomberg, Rep. French Hill (R-AR) was asked to weigh in on ongoing talks about merging the Secure and Fair Enforcement (SAFE) Banking Act and the cryptocurrency legislation.

“I would vote for if it were coupled. I have supported the SAFE Banking Act for nine years in Congress now, which would allow cannabis dealers in states where it’s legal to have access to the banking system,” Hill, who’s twice voted for the cannabis legislation on the House floor, said. “I think it’s a lot easier to catch bad actors and illegal activity if those companies are participating in the banking system.”

“If someone’s trying to take advantage of legal cannabis in an illegal way, it’s a lot better to have those companies participating in the banking system,” he said, adding that he agrees with recent remarks from the committee’s ranking member, Rep. Maxine Waters (D-CA), that legislation is close to being finalized.

Hill was also asked about the prospect of including the reforms in a must-pass Federal Aviation Administration (FAA) bill—a possibility that a top marijuana industry group said is no longer being considered in an internal message to stakeholders last week.

“I think that’s a call that leadership has to make,” the congressman said. “I think there are other ways that we can do it during the course of the year. But if we get an agreement, then House and Senate leadership can work on the best floor strategy for moving the legislation forward.”

“Bottom line is we’ve made a lot of progress in the last year,” he said. “Our country will benefit if we get both these bills passed.”

Meanwhile, last week Senate Majority Leader Chuck Schumer (D-NY) once again included the bipartisan marijuana banking bill in a list of legislative priorities he hopes to advance this year.

Since the Senate recently approved must-pass appropriations legislation and foreign aid to Ukraine, Israel and Taiwan, there are heightened expectations that floor action could be on the horizon.

Adding to those expectations is the recent introduction of a bill to incentivize expungements for past cannabis offenses at the state, local and tribal levels. Schumer has made clear he intends to attach that measure to the banking legislation on the floor.

Schumer also recently asked people to show their support for the SAFER Banking Act by signing a petition as he steps up his push for the legislation. A poll released last month by the American Bankers Association (ABA) shows that roughly three out of five Americans support allowing marijuana industry access to the banking system.

Rep. Nancy Mace (R-SC) said that that “if Republicans want to keep the House,” they should pass the marijuana banking bill, arguing that “there are votes” to approve it.

The congresswoman also told the majority leader to “stop holding” the SAFER Banking Act as a “campaign carrot” in a social media post on Monday.

Hey, @SenSchumer, stop holding #SAFEBanking as a campaign carrot, and PASS. THE. BILL. https://t.co/VArLflt8Gm

— Rep. Nancy Mace (@RepNancyMace) April 29, 2024

Schumer told Marijuana Moment last month that the bill remains a “very high priority” for the Senate, and members are having “very productive” bicameral talks to reach a final agreement.

Senate Banking Committee Chairman Sherrod Brown (D-OH) said last month that passing the SAFER Banking Act off the floor is a “high priority.” However, he also recently said in a separate interview that advancing the legislation is complicated by current House dynamics.

House Majority Whip Tom Emmer (R-MN) separately said during a recent American Bankers Association (ABA) summit that he wants to see the SAFER Banking Act move.

He said that, “for whatever reason, the federal government has been slow” to act on the incremental reform that he supports even though he doesn’t identify as “a marijuana guy.”

One key factor that’s kept the bill from the Senate floor is disagreement over mostly non-cannabis provisions dealing with broader banking regulations, primarily those contained in Section 10 of the legislation.

—Marijuana Moment is tracking more than 1,400 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.—

Bicameral negotiations have been ongoing, however, and recent reporting suggests that a final deal could be just over the horizon.

The Democratic Senate sponsor of the SAFER Banking Act, Sen. Jeff Merkley (D-OR), told Marijuana Moment last month that the legislation is “gaining momentum” as lawmakers work to bring it to the floor and pass it “this year.”

Rep. Earl Blumenauer, founding co-chair of the Congressional Cannabis Caucus, told Marijuana Moment last week that, “every day we’re closer on SAFE Banking, and negotiations “are ongoing in the House and Senate, and we are, in fact, making progress.”

At the close of the first half of the 118th Congress in December, Schumer said in a floor speech that lawmakers would “hit the ground running” in 2024, aiming to build on bipartisan progress on several key issues, including marijuana banking reform—though he noted it “won’t be easy.”

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