Business

Banking reform in limbo

By Alex Halperin
Sep 30, 2021

A central issue of the legalization debate in Washington is whether it should happen incrementally or comprehensively.
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The question is, If full legalization doesn’t have the votes, should banking reform happen first? The industry favors incremental, which would give companies access to the financial system, and potentially public markets. But some legalization supporters, such as Sen. Cory Booker (D-N.J.), worry it would undermine equity efforts. 

  • Don’t forget: Equity microbusinesses struggle with banking access as well, and often lack the resources to manage the issue.

Sen. Majority Leader Chuck Schumer (D-N.Y.) said the Senate would not take up banking reform without equity provisions. However, he raised the possibility of equity provisions being added to banking reform.
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Elsewhere in Congress:

  • The House Judiciary Committee once again passed the MORE ACT, a federal legalization bill favored by progressives. Two Republicans voted in favor.
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