Senate Panel Advances Marijuana Legislation in Historic Step

The Senate Banking Committee took a historic step Wednesday by advancing marijuana-related legislation to the floor for the first time.

The legislation, known as the Secure and Fair Enforcement Regulation Banking Act, would allow legal marijuana businesses to use major financial and banking institutions. The committee reported out the bill by a 14-9 vote with the support of Republicans Cynthia Lummis of Wyoming, Steve Daines of Montana and Kevin Cramer of North Dakota. Only one Democrat, Raphael Warnock of Georgia, voted against approving the bill for floor consideration.

Under current federal law, banks and creditors can face federal prosecution if they provide services to businesses selling pot.

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