Even if Republicans maintain control of the Senate following dual runoff elections in Georgia on January 5th, it is likely that Senator Mike Crapo (R-Idaho) gives up the top Republican slot on the Senate Banking Committee to become the senior Republican on the Finance Committee during the 117th Congress. Senator Richard Shelby (R-Alabama), who is next in seniority, is expected to continue to lead Republicans on the Appropriations Committee, leaving a path for Senator Pat Toomey (R-Pennsylvania) to become the highest-ranking Republican on the Banking Committee. Therefore, Senator Toomey’s comments this week to American Banker on his willingness to consider modest reform on the Secure and Fair Enforcement Banking Act next year take on a renewed significance. Asked whether he would be inclined to work with Democrats on cannabis banking, Senator Toomey responded, “I am open to working with my colleagues on how we could enable businesses that are operating legally in their respective states to be able to have ordinary banking services…I think that’s something we should work on.” While Senator Toomey has not embraced broad marijuana reforms such as legalization, he did praise a 2015 Obama Administration move to ease some restrictions on cannabis research. Nevertheless, cannabis reform still faces significant hurdles in the Senate with the exit of Republican marijuana champion Senator Cory Gardner (R-Colorado) and the recent election of anti-marijuana Senator Mitch McConnell (R-Kentucky) to remain as Senate Majority Leader.
