Representative Ed Perlmutter of Colorado continues to work to get his banking reform bill passed. Despite his many attempts in the past to get it done, he is insistent that it will happen before the end of the current term and his retirement. In fact, he has recently promised to turn up the pressure on Congress to try and accomplish this, stating that he will be a ‘real pest’ until it does so.

Perlmutter’s Reasons

The reason that the representative is so insistent that this bill gets passed is for a number of reasons. Firstly, he wants to give the businesses some financial protection, since it would allow them to not be as reliant on cash payments. Secondly, and most importantly, Perlmutter feels that the banking reform bill will allow for answering public safety concerns. These concerns include violent robberies that have specifically targeted the cash-heavy business. In fact he referenced times where the police allegedly targeted armored cars. These armored cars were supposedly filled with cash from dispensaries. They apparently seized the cash with supposed help from the federal government, including the FBI and DEA, despite it being legal at the time.

Perlmutter’s Support

Through Perlmutter’s multiple past attempts, he has worked to gather support for his bill among the Congressmen. Some of his allies that he gathered are from the current Senate leadership who have sought to enact comprehensive legalization. He has also pointed out how Treasury Secretary Janet Yellen “wants to get this off her plate,” when addressing the marijuana banking conflict.

It isn’t just those in Congress that have shown their support for the banking reform bill. A majority of Americans have shown support for the bill. During a survey conducted by Morning Consult, 65 percent of respondents favored giving cannabis businesses access to traditional banking services. 68 percent stated that the lawmakers in Congress should make some of these changes.

Perlmutter’s Opposition

There is still some opposition to Perlmutter’s banking reform bill among members of Congress. Some of those on the Democratic side believe it is too narrow, while some on the Republican side believe it is too broad. However, the biggest roadblock is the president’s administration. While President Joe Biden has made promises about modest cannabis reforms, including expungements for past nonviolent cannabis crimes and rescheduling, he has yet to keep these promises. In fact, the administration has proven to be more cautious on this topic. This is despite the fact that a number of groups have tried to push the administration into action. For example, a number of financial institutions have tried pushing the administration into supporting some measure of financial reform. On the other hand, celebrities and lawmakers have tried pushing for the promised pardons for nonviolent cannabis convictions.

Continuing Attempts

Regardless of the roadblocks in his way, Representative Perlmutter has made it clear that he will continue to push his bill forward. He has stated on multiple occasions that he will get his bill passed during this term. With the support he has garnered, it could be a matter of time until he succeeds.

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