Head of the NRSC Works Overtime to Help Schumer Advance SAFER Banking Act Out Of Banking Committee

Majority Leader Chuck Schumer (D-NY) and NRSC Chairman Steve Daines (R-MT) Know the Risks to Society, but Pushed to Advance Dangerous Bill Anyway

(WASHINGTON, DC) – Following the Senate Banking Committee’s vote to advance the “Addiction Banking Act” to the full Senate, Smart Approaches to Marijuana Action (SAM Action) President Dr. Kevin Sabet, a former three-time White House drug policy advisor, released the following statement: 

“Senator Daines, Chairman of the National Republican Senatorial Committee, just helped Democratic Majority Leader Chuck Schumer get one step closer to achieving his top legislative priority. If either Senator were interested in safeguarding public health, they would not have moved to advance the Addiction Banking Act at all.

“Members of the committee heard first-hand from those whose lives have been devastated by today’s high-potency THC drug products engineered to increase usage rates, yet they don’t seem to care. 

“They know the addiction rates are going up, yet they put the profits of big banks ahead of millions now hobbled by drugs. They know the risks of opening the U.S. financial system to transnational cartels who exist to harm Americans but didn’t stop it.

“They’ve seen the data confirming that today’ high-potency THC drugs are associated with lower IQ, psychosis, depression, suicidality, motor impairment and schizophrenia, among other consequences. The committee’s vote today shows that benefitting a small circle of hedge fund managers, K Street lobbyists and Wall Street investors is more important. 

“They know medical associations, the DEA, public health officials and law enforcement warn that giving these drug companies access to more resources will be a disaster, but the pot lobby is apparently more powerful.

“The commercialization of marijuana is having adverse effects on physical and mental health, public safety, young people, and communities of color – all of which will get worse if this bill becomes law. Despite bipartisan opposition, the Senate Banking Committee failed to do its jobs and protect Americans from these drugs. Now it’s up to the full Senate to show Americans who really runs Washington – the people, or the banking and addiction industry lobbyists.”