Last Friday, Senate Banking Committee Chairman Mike Crapo (R-Idaho) announced he hopes to hold a vote on cannabis banking legislation before the end of the year. Chairman Crapo said he was compelled to act by the impact the cannabis banking prohibition has on businesses such as plumbers or construction companies that provide ancillary services to cannabis firms and do not interact with the drug whatsoever.
Chairman Crapo hinted he will draft his own legislative fix to the cannabis banking prohibition but his bill will likely borrow heavily from the SAFE Banking Act. Earlier this week, House Majority Leader Steny Hoyer (D-Maryland) confirmed Democrats were discussing a potential vote in the House for the SAFE Banking Act by the end of the month. Democratic aides speculated the cannabis banking bill will likely reach the floor sometime next week. The SAFE Banking Act had been previously held up in the House over disputes with progressive members who opposed cannabis legislation that did not include legalization, criminal justice reforms, or contributions to minority-business owners. The bill’s prospects in the House were likely improved by Chairman Crapo’s change of tone and by an endorsement from the Minority Cannabis Business Association.