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The chairman of the Senate Banking Committee said a decision had not yet been made on how a bill passed by the House to help cannabis-based businesses access the banking system would advance in the Senate. “I’m talking to Schumer. We’re not sure what we’re going to do there, ”said Senator Sherrod Brown (D., Ohio), referring to Senate Majority Leader Chuck Schumer.
The SECURE Banking Act, which would prohibit banking regulators from penalizing banks and credit unions doing business
with cannabis-based businesses THCX, + 1.31% like marijuana dispensaries, was passed by an overwhelming majority last week in House vote 321 to 101. Schumer has said he wants a comprehensive bill that eliminates federal cannabis prohibition and plans to work with Sen. Cory Booker, Democrat of New Jersey
, and Senator Ron Wyden, Democrat of Oregon
who heads the Senate Finance Committee, on that. Brown, who as chair of the Banking Committee has jurisdiction over the House-passed bill, said it was unclear whether it would be included in the broader bill Schumer has spoken about. “There is certainly interest from both parties. There is interest in sentencing reform as part of it. There is some interest in decriminalization in general, not in legalization, ”Brown said Tuesday night after a Senate vote. Brown, when asked if he was still in favor of linking the banking bill to easing drug conviction laws that he blamed for disproportionately affecting minorities, as he had proposed earlier in the year, seemed to indicate some flexibility. “I am quite open about it. It’s not something I’ve worked on a lot yet. I know there is an interest committee on both sides, ”he said.