A bipartisan group of 33 state attorneys general support federal cannabis banking reform, up from 19 a year ago, providing impetus to the Secure And Fair Enforcement (SAFE) Banking Act.
Perhaps most significantly, the support – expressed in a letter Wednesday to 10 congressional leaders, including Senate Majority Leader Mitch McConnell – encompasses eight Republican attorneys general.
A House committee recently passed the SAFE Banking Act, which would protect financial institutions serving state-legal marijuana businesses from federal interference, by an overwhelming vote.
The bill is considered to have a reasonably good opportunity to pass the full House, perhaps as soon as next month. But the Senate is considered a tougher hurdle.
Attorneys general from four U.S. territories and Washington DC also signed in support.
In addition, 17 state treasurers recently expressed support for banking reform, up from 13 treasurers a year ago.
While one key Senate committee leader recently indicated his panel wouldn’t hear the SAFE Banking Act, Sen. Rand Paul, a Kentucky Republican, reportedly believes the possibility of Senate passage is increasing.
Jeff Smith can be reached at [email protected]