Talk Is Cheap: TDR Panel Indifferent To Recent SAFE Banking Talks In Congress

In this newest Trade To Black Podcast, TDR Founder Shadd Dales and lead financial writer Benjamin A. Smith join ranks with millennial entrepreneur and OnlyGems Founder, Anthony Varrell. One of the leading topics of discussion was this past week’s meeting between Senate Majority Leader Chuck Schumer and other key Democratic senators to discuss SAFE Banking cannabis legislation—the first such meeting in the 118th Congress.

As reported by Marijuana Moment on February 1, Schumer had been schedule to meet with Sens. Cory Booker (D-NJ), Jeff Merkley (D-OR) and Jacky Rosen (D-NV), along with Senate Banking Committee Chairman Sherrod Brown (D-OH) to discuss SAFE Banking reform. Also scheduled to attend was Cannabis Administration and Opportunity Act co-sponsor Ron Wyden (D-OR), although it was said he had an “unavoidable scheduling conflict” so would be sending a senior staffer in his place.

Regardless of what transpired during this meeting and whether progress was attained, the TDR panel preached expectation control. They noted that SAFE Banking legislation failed to materialize in both 2021 & 2022 during the lame duck session in Congress, despite clamoring from advocates and broad support at various levels of government.

As a reminder of the obstacles put in place by Senate minority leader this fall, Mitch McConnell remained vociferously opposed to seeing the SAFE Banking bill as part any larger bill or spending package. On December 14, McConnell delivered remarks on the Senate floor regarding government funding, saying he’ll support the bill if it doesn’t contain “poison pills”, which referred to marijuana banking reform. Par of the course for McConnell, who has consistently maintain this position as leader of the GOP Senate.

And even though Chuck Schumer could have forced a standalone vote on SAFE Banking, which apparently had close to enough votes to pass, he did not. Whether Mr. Schumer is attempting to build support to get over the 60-vote threshold remains to be seen.

Former Hill staffer in position to know dismisses notion that SAFE Banking ever had 60 votes: Says SAFE Banking by itself topped out at 59 votes; the sticking point was Chuck Grassley, Mitch McConnell and the Republican caucus. Only GOP senators in support were the cosponsors.

— Chris Roberts (@_chrisroberts) December 20, 2022

In the meantime, the TDR panel does not expect immediate dividends from such discussion. So we are not currently considering the possibility of SAFE Banking in our near term market outlook.

TDR will follow events and report back as warranted.

Click the embedded link to view more of TDR’s latest Trade To Black podcast.