Key US senator indicates panel may refuse to hear cannabis 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 marijuana 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.

15 comments on “Key US senator indicates panel may refuse to hear cannabis banking bill
  1. Nathan on

    In other words, “I’ve not received enough campaign donations from Cannabis proponents to take this seriously and move this along. Please make out your checks to the ‘Re-elect Crapo Campaign Committee.’ It’ll be moved along when I’ve received enough.”

    Reply
  2. vic quinto on

    Congress couldn’t pass a bill if it was passed for them. The incompetence is mind boggling. Who elects this fools and why not just shut down the entire process and fire every single one of them for gross negligence. I don’t know of any other industry where you can get away with such incompetence, I would have been fired looooong ago from my job but nope, not if your a congressman or senator. Why are they allowed to remain when they are utterly and completely useless.

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  3. Rick on

    Small minds like Crapo, supported by big Pharma, can’t even educate his own constituents (Idaho – Quality of education ranks 47 out of 50). He is uneducated as well (just because he graduated college doesn’t make him smart) … too bad. He would rather have alcohol and Oxy out there killing people than a drug that no one has ever died from being used. You know that if it’s legalized the US Government will have their hand out collecting taxes on every gram sold, and guess what, that might even help us from defaulting the United States to China (but left up to our Government those taxes would be misused anyway). Stupidity runs rampant in the Republican Party, just look at the clown we have as a President, although I don’t believe in it, he is proof that mandatory sterilization would be a good thing.

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  4. Jim Dandy on

    How can anyone with a name like Crapo be taken seriously, especially on ideas founded in a governmental smear campaign from the 30’s called Refer Madness. What a joke Crapo! Bahahahahaha!!!!

    Reply
  5. G. S. Myers on

    It seems easy to blame all of Congress for the stalemate in advancing laws to support the cannabis industry but if one looks closely it is primarily Republicans that oppose progressive measures. Our system is not broken. Support and elect Democrats and we can stop this long running cultural war on marijuana.

    Reply
  6. spam on

    Only in Idaho, a state shaped like a bong, can a person with the name of Crapo be elected to public office. If he can make crap look good, he’s our man!
    The new freshman congress critters thought they could make a difference by not putting Pelosi back in the seat. They’re rapidly getting schooled out of their campaign ideals. The congressional compromise always screws the general population.
    Biden is coming on strong and he’s THE drug war general.

    Reply
  7. Mike Johnson on

    This is great news! Federal banking allowance only means that the mega-corps will gobble up the entire industry more quickly. Our strategy should be to oppose any loosening of federal law as long as possible- at least until California’s shameful corporate takeover-style of “legalization” fails and Gavin Newsom is revealed as the deplorable scammer that he is. The Original Market (“black market”) which has developed organically over decades by tens of thousands of decent small growers and sellers (and unfortunately also some terrible organized crime units) will overwhelm and undersell all government/corporate partnerships to control simply because they are too greedy- they insist on using draconian and repressive penalties to line their pockets and keep retail prices high. It is a plant that can be grown in most peoples’ backyards and will never be subjugated to the kind of control that is necessary for all these investors to realize their dividends and dream profits. The resistance is real. Flowers for the people. Overgrow the government- again! Stand up to tyranny and be a part of ensuring that everybody has the freedom to grow their own. It is a glorious time to be alive.

    Reply

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