Booker Statement on SAFER Banking Act

Press Release

"With the assurance of Majority Leader Schumer that the HOPE Act, which will support states with grants so they can seek to expunge cannabis records, will be incorporated into this legislation on the Senate floor, I'm cosponsoring the SAFER Banking Act to begin the process of reforming our broken federal cannabis laws.

This bill will take cannabis banking out of the shadows and give access to the banking system to thousands of small businesses. With the addition of HOPE, it will take a needed step toward restorative justice. For too long, our laws involving marijuana have undermined the ability for small businesses and entrepreneurs from all backgrounds to succeed on a more level playing field with the wealthy and highly capitalized corporations. And for too long, the prohibition on marijuana has disproportionately targeted low-income, minority, and disadvantaged communities. Finally, we have a bill that is moving us in the right direction and making meaningful strides toward justice.

I'm grateful to my colleagues for working with me to ensure key provisions were included in this bill that will increase access to capital for small and minority-owned businesses and increase banking services for underserved communities. Even after this bill is passed, there will be a lot more work to do to reverse the many injustices of our nation's failed marijuana policies but the SAFER Banking Act will represent a first step down the long road of redemption."

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