The chairman of the Senate Banking Committee wants to hold a vote this year on legislation that would enable banks to serve cannabis-related businesses, in what would be a major victory for the marijuana industry.
In an interview with POLITICO’s Zachary Warmbrodt, Senate Banking Chairman Mike Crapo (R-Idaho) said he does not support lifting the federal ban on marijuana. But Crapo said he wants to resolve legal and economic conflicts arising in the growing number of states that allow medical or recreational sales.
"We're working to try to get a bill ready," he said. "I'm looking to see whether we can thread the needle."
The Senate has been seen as a huge impediment to enacting any marijuana legislation this year, with many top Republicans — including Senate Majority Leader Mitch McConnell — wary of boosting an industry that remains illegal under federal law. Crapo, who represents a state that has not legalized marijuana, has not previously said that he was planning to hold a vote in his committee.
What happens next? The House later this year is expected to pass legislation that would shield banks from federal penalties if they work with cannabis businesses — although it’s been held up by concerns among legalization advocates and some Democrats that the bill fails to do anything to address economic equity or criminal justice reform.
In the Senate, Sens. Jeff Merkley (D-Ore.) and Cory Gardner (R-Colo.) have introduced cannabis banking legislation. But Crapo told Zach he may write a new bill: "We may craft our own bill or we may work with them to craft any amended legislation."
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