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Senator Cory Booker (D-NJ) recently took a strong stand against the passage of a marijuana banking bill in the near future, but that is not necessarily because he opposes the bipartite proposal itself, he said Wednesday.
Instead, the senator said he believes delaying the vote on banking reform could encourage his colleagues to support more comprehensive legislation to legalize cannabis and promote social fairness, like the bill he does. Senate Majority Leader Chuck Schumer (D-NY) and Senate Finance Committee Chairman Ron Wyden (D-OR) were recently released.
“First of all, don’t get me wrong, I support the SAFE Banking Act. I think it’s a phenomenal bill, ”he said in an interview with Yahoo Finance. “I’m one of those people who work here with the cannabis industries, not just in the state of New Jersey, but across the country.”
Watch a partial video of the remarks cited by Booker below (which will be replaced by the full video when available):
Cory Booker –
I support #SafeBanking
I work closely with #Cannabis Industry
I want SafeBanking$ curve $ gtbif $ msos $ trssf $ crlbf $ tcnnf $ hrvsf $ cchwf $ grog $ vrnof $ pledge pic.twitter.com/wo4S3vb2sT– Jason Spatafora (@WolfOfWeedST) July 21, 2021
“I feel like I’m one of their biggest champions when it comes to ending the ban nightmare and the ridicule of so many businesses having to operate in cash that increase the danger.” , did he declare.
Booker has been criticized by industry stakeholders since the unveiling of his legalization bill – the Cannabis Administration and Opportunity Act (CAOA) – because he has repeatedly rejected the idea of adopting d First, more modest, bipartisan legislation that would simply protect banks that work with legal marijuana businesses.
He responded to questions on Twitter on Monday about the matter, with several people saying his steadfast opposition to advancing the SAFE Banking law ahead of a sweeping reform is ill-conceived, as the first measure has a much better chance of passing this Congress. and would represent further progress. yet another important policy change.
It came days after Booker first pledged to “lie down” to block any other senators who sought to pass marijuana banking legislation before the body approved a comprehensive reform of the system. cannabis, sparking controversy.
But in his last interview, the senator offered some clarification on his point of view.
“To me, a good bipartisan bill like the banking bill is a necessary sweetener to get people to move forward on the elements of fair justice that are really essential,” Booker said, explaining his strategy to threaten to block the banks. banking at the moment. “I agree that we have to pay this bank bill.”
“I hope all industries that know they are going to make huge profits will join me in defending what I think is the greatest act of patriotism by saying, ‘I am not going to put my interest alone. I’m actually going to watch out for my fellow American. In fact, I will promise them that I will fight for these people who are in economic devastation over a nonviolent marijuana charge, that I will make sure that we take care of everyone.
“This is what this country was founded on. Our founders signed on [Declaration of Independence], ending with this ideal of committing our lives, our fortunes and our sacred honor to each other, ”he said. “Well, my God, let’s make that kind of a promise and let’s all go together to reform our marijuana laws, leaving no one behind. “
To that end, Booker wants to see the Senate pass the CAOA, which would suppress cannabis federally, clear past convictions, allow people to seek a new conviction, maintain the power of states to set their own marijuana policies. and remove collateral consequences such as immigration. related penalties for people who have been criminalized for the plant.
Schumer, for his part, also argued that passing a measure that protects banks that serve legal cannabis businesses in the first place could jeopardize the chances of advancing comprehensive reform.
Under Senators’ proposed legalization, a graduated federal tax rate would be imposed on sales of marijuana, starting at 10% for the first year after the bill is passed and the first calendar year thereafter. It would then increase each year, from 15% to 20% to 25%. From the fifth year after enactment, the tax would be an “amount per ounce or per milligram of THC determined by the Secretary of the Treasury, equal to 25% of the then-current price of cannabis sold in the United States during the period. former. year.”
While that 25% tax rate may seem high, the law provides significant federal credits for sales of any business under $ 20 million per year.
The legislation immediately drew mixed reactions from lawyers, other lawmakers and the White House.
Minutes after the senators’ press conference to unveil the bill, White House press secretary Jen Psaki was questioned during her daily briefing on the administration’s position on the legislation.
“Nothing has changed,” regarding President Joe Biden’s long-standing opposition to the legalization of marijuana, “and there are no new legislative approvals to report today,” he said. she declared.
The sponsors have made it clear that they are open to suggestions on how the draft proposal can be improved, and they are actively inviting comments from the public. For example, they are particularly interested in hearing about measuring the potency of cannabis, coordinating federal and state law enforcement responsibilities, and balancing efforts to reduce barriers to entry. in the marijuana industry while mitigating the influence of illicit cannabis operators.
Interested parties are encouraged to submit comments on these and other questions to [email protected] before September 1st.
The hope is that the public comment period will help build buy-in from stakeholders and lawmakers, moving them closer to the 60-vote threshold they need to pass legislation in the Senate. At first glance, this will be an uphill battle that will require significant negotiations to push legalization across the finish line in the chamber.
In recent months, Schumer has advocated for reform everywhere, from a speech in the Senate on 4/20 to a cannabis rally in New York.
The three senators officially started their efforts on the legalization bill by holding a meeting earlier this year with representatives from various advocacy groups to get feedback on the best approach to reform.
Schumer was keen to say in March that he will specifically seek to restrict the ability of large alcohol and tobacco companies to overtake the industry. Instead, it will prioritize small businesses, especially those owned by people from communities most affected by prohibition, and focus on “justice, justice, justice – as well as freedom,” he said. he declared.
He also urged voters to contact their representatives in Congress and tell them that “it is long overdue.”
Meanwhile, a separate House bill to legalize marijuana at the federal level and promote social fairness in the industry was reintroduced in May.
The legislation, sponsored by Judicial Committee Chairman Jerrold Nadler (D-NY), has been tabled with a number of changes from the version approved by the chamber last year.
The Marijuana Opportunities, Reinvestment and Suppression Act (MORE) was passed by the House but did not advance in the Senate under GOP oversight. But this time around, supporters are optimistic that the policy change could be passed now that Democrats lead both Houses and the White House, and as more states move to adopt the legalization.
President Joe Biden, however, is an outlier within the Democratic Party, maintaining opposition to legalizing adult use despite the widespread and increasingly bipartisan public popularity of the reform. It remains to be seen whether the president – who has campaigned on more modest pledges to decriminalize cannabis possession, clear past records, and adhere to state legalization laws – would stand in the way of a comprehensive policy change in threatening to veto the bill that is finally produced.
Wyden, who under the new Democratic House majority held the top spot on the Senate Finance Committee – where new legislation will likely be submitted when formally introduced – recently said his goal would be to “end the ‘ban and propose reasonable taxes and levies. regulatory oversight at the federal level.
He said in February that “in my opinion it is not enough to end the prohibition on cannabis” and “I think we need to restore the lives of those who have been most affected by the failure of the war against drugs and in particular black Americans “.
The three Senators – Schumer, Wyden and Booker – have, in recent years, introduced bills to legalize marijuana that have never had a hearing or a vote.
Separately, a proposal to downgrade marijuana at the federal level that does not include social equity components was recently tabled by a pair of Republican congressmen. Those lawmakers also sent a letter to Biden on Monday, urging him to keep his campaign promise and postpone marijuana under the Controlled Substances Act (CSA).
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