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Speaker of the House Mike Johnson's (R-La.) current struggle to retain his leadership position is likely to kill any momentum to pass marijuana banking reform legislation in that legislative body.
That's the assessment from Sen. Rand Paul (R-Ky.), who said that Johnson won't want to take on any legislation that could lead to more division within his party.
"The speakership is dependent on not bringing up things a majority of Republicans don't want," Paul said during a recent podcast from The Dales Report, which provides news and analysis for investors. "And so, I think if I were in the speaker's shoes, would I say, 'Wow, do I need another headache?'"
Last month, the House Republican Party Committee, an advisory group to the GOP, issued a document opposing marijuana banking reform.
In the Senate, Senate Majority Leader Chuck Schumer (D-N.Y.) is the main force behind the Secure and Fair Enforcement Regulation (SAFER) Banking Act. It was recently reported that legislation could be attached to a bill aimed at cryptocurrency regulation.
Paul also blamed Schumer for not calling for a floor vote on a marijuana banking bill when Democrats were in charge of both houses of Congress.
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