Marijuana Rescheduling Should Be Followed By Banking Access...

President Donald Trump’s marijuana rescheduling executive order represents
progress, bipartisan lawmakers say. But with that policy change now moving
forward, some key House and Senate members are previewing their priorities
for future reform—from giving cannabis businesses access to the banking
system to legalizing marijuana altogether.

The order Trump signed on Thursday directs the attorney general to complete
a process to move cannabis from Schedule I to Schedule III under the
Controlled Substances Act (CSA), which would not make it legal but would
let cannabis businesses take federal tax deductions and lift certain
research barriers. The action received uniquely bipartisan praise, a rarity
in the current political climate.

But Democrats, as well as select GOP lawmakers, are making clear that
rescheduling marijuana isn’t the end game, with a range of bills on the
table to build upon the incremental reform that they want to push through.

That includes the Secure and Fair Enforcement Regulation (SAFER) Banking
act to protect banks that service state-licensed cannabis businesses and
the Cannabis Administration and Opportunity Act (CAOA) to end federal
prohibition and address the harms of the drug war.

*Here’s what lawmakers are saying about the rescheduling action and goals
for additional reform:*
Senate Minority Leader Chuck Schumer (D-NY)

“Though a step in the right direction, more must be done to decriminalize
cannabis, ease overly restrictive banking regulations that stall industry
progress in states where it is legal, and rectify the harms done by the War
on Drugs,” Schumer said. “I remain committed to the SAFER Banking Act and
the Cannabis Administration and Opportunity Act to accomplish these goals.”
House Minority Leader Hakeem Jeffries (D-NY)

Jeffries said he’s “supported marijuana reform throughout my entirety in
public service, both in the New York State legislature and as a member of
Congress—and have worked with the administration in the past to get
criminal justice reform over the finish line connected to the First Step
Act,” which deals with sentencing policy.

“We welcome any opportunity moving forward to continue that work to right
size our criminal justice system to move away from the failed war on
drugs,” the minority leader said, “which includes a failed war on marijuana
and to deal with the mass incarceration epidemic that this country has
suffered from that is both unfair and undermines our economic productivity.”
Rep. Dave Joyce (R-OH), co-chair of the Congressional Cannabis Caucus

“President Trump’s executive order to move cannabis from Schedule I to
Schedule III is a meaningful step forward,” and it’s “reflective of the
growing body of scientific evidence and medical research,” Joyce said. “For
too long, Schedule I status has blocked research, distorted markets, and
denied patients, especially veterans and seniors, access to treatments that
could improve their quality of life.”

“Rescheduling opens the door to responsible regulation, evidence-based
medicine, and a safer, more transparent cannabis market. It will help close
the gap in information needed to support informed doctor–patient choice,”
he said.
Rep. Brian Mast (R-FL), co-chair of the Congressional Cannabis Caucus

“President Trump can change the stigma around marijuana that fails to
reflect its proven benefits, especially for veterans. By rescheduling, he
will expand patient access and advance the America First agenda at a
pivotal moment,” Mast said. “From its ability to ease chronic pain to its
critical help for veterans healing from both visible and invisible wounds,
I applaud President Trump’s decision to reschedule marijuana and improve
the quality of life for so many.”

Thank you @POTUS for making the critical decision to reschedule marijuana
and give veterans better access to heal both visible and invisible wounds.
This will improve the life for so many and help stop the dependence on
opioids.

— Rep. Brian Mast (@RepBrianMast) December 18, 2025

Sen. Jeff Merkley (D-OR)

Merkley, who has sponsored the SAFER Banking Act in past sessions, said the
rescheduling action is a “step in the right direction, allowing medical
research and legal cannabis businesses to be appropriately taxed on their
net profits.”

“But this change from Schedule I to Schedule III still leaves these
cannabis businesses in violation of criminal law because the production and
use of cannabis for non-medical purposes remain a federal crime,” he said.
“As such, these legal businesses are still prevented from accessing the
banking system.”

“That remains a huge problem, encouraging all sorts of criminal activities,
including robberies of cannabis businesses operating in all cash, false
accounting, money laundering, and organized crime. That’s why we still need
to pass the bipartisan SAFER Banking Act, which during his campaign,
President Trump urged Congress to send to his desk.”

Ahead of the rescheduling announcement, the senator separately told
Marijuana Moment that cannabis banking legislation was “on the back burner,”
with Democrats focused on other priorities such as preserving health care
subsidies under the Affordable Care Act.

“I will continue to push for fully descheduled cannabis—which is essential
to addressing the harms perpetuated by the War on Drugs and the
criminalization of cannabis on communities of color—and work with both
Republicans and Democrats to advance common-sense cannabis reforms for
banking services and medical treatment,” Merkley said.
Sen. Ron Wyden (D-OR)

Wyden said rescheduling is “just a half step that doesn’t include
legalization, doesn’t put the nascent industry on stronger footing, and
doesn’t do anything for the many Black and Latino Americans who are behind
bars for the kind of cannabis use that millions of Americans engage in
freely every day.”

“I’ll continue pushing to pass my Cannabis Administration and Opportunity
Act into law, which would legalize cannabis at the federal level and right
the wrongs of the failed War on Drugs,” he said.
Rep. Lucy McBath (D-GA)
“Today, President Trump signed an executive order to reschedule marijuana,
enabling researchers to study its medical benefits more effectively,”
McBath said. “This order should serve as a critical first step toward
meaningful criminal justice reform for marijuana-related offenses, as
envisioned in the Clean Slate Act, which I lead.”
“While the order will benefit the legal cannabis industry and medical
research, reform cannot stop here. This order does not change the criminal
penalties or considerations for marijuana-related offenses. Tens of
thousands of individuals remain incarcerated for these offenses, and we
cannot, in good faith, advance an industry while denying impacted
individuals a clear path home to their families, an opportunity to return
to their lives, and a chance to contribute in their communities. I stand
ready to put people over profits and advance comprehensive criminal justice
reform.”
*Photo courtesy of Mike Latimer.*

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Sentencing Reform And Legalization, Bipartisan Lawmakers Say appeared first
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