Dec 3, 2024 - Politics & Policy

Scoop: Schumer's pot bust

Stephen Neukam

U.S. Senate Majority Leader Charles Schumer (D-NY) speaks following the weekly Senate luncheon at the U.S. Capitol on December 03, 2024 in Washington, DC — Senate Majority Leader Chuck Schumer (D-N.Y.) speaks after the weekly Senate luncheon at the U.S. Capitol on Tuesday. Photo: Kevin Dietsch/Getty Images

Senate Democratic leader Chuck Schumer's (D-N.Y.) late push to get landmark marijuana legislation passed this year looks doomed, sources tell Axios.

Why it matters: The next few weeks are Democrats' last chance to get the weed banking bill passed. Now it will have to find an unlikely way through a Republican-dominated Congress.

The Secure and Fair Enforcement Regulation Banking Act would protect banks that work with cannabis companies, giving the marijuana industry access to more sources of funding.
Schumer pushed for the bill to be attached to must-pass packages before the end of this year, but sources tell us there is no path to getting it through the Senate this Congress.

The big picture: The marijuana bill has picked up bipartisan support but Republican leaders, including outgoing Senate GOP leader Mitch McConnell (R-Ky.), are opposed to the legislation.

It's proving difficult for the parties to get any bills to ride along with must-pass funding bills before the end of the year.
Sources tell Axios the government funding package and a defense authorization bill are likely to be very narrow in focus, leaving little room for a bill like the cannabis banking one to get attached.

Yes, but: Sen. Steve Daines (R-Mont.), an ally of GOP leadership, is a cosponsor of the bill, and it has bipartisan support.

Schumer has long been a proponent of the legislation, and Axios is told he will continue to push for the bill's passage by the end of the year.

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Scoop: Schumer's pot bust

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