Yesterday, Senator Reverend Warnock questioned Wall Street CEOs about their support of the SAFER Banking Act and their commitment to advancing racial equity and closing the racial wealth gap

In September, Senator Reverend Warnock was the lone Democrat to vote NO on the SAFER Banking Actmark-up

 The Senator cited his grave concerns that the legislation focuses solely on benefitting wealthy cannabis investors while doing nothing to make the millions of Americans who have been impacted by cannabis criminalization financially whole or to restore the communities that have been hardest hit by the War on Drugs

WATCH: Senator Reverend Warnock’s full remarks from Banking Committee hearing – VIDEO HERE

Washington, D.C. – Yesterday, U.S. Senator Reverend Raphael Warnock (D-GA), chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, secured commitments from several Wall Street CEOs to advance racial equity at Senate Banking committee hearing. The Senator focused his remarks on his grave concerns that the SAFER Banking Act would only benefit cannabis investors but do nothing for the millions of Americans negatively impacted by the War on Drugs.

“Since the War on Drugs began, over 50 years ago, communities across America have been decimated,” said Senator Reverend Warnock.“They’ve been hollowed out, communities all across our country in the wake of the explosion of mass incarceration, making us the mass incarceration capital of the world. Missing bodies and abandoned buildings. The War on Drugs has been war on communities of color. I want to be clear that I am open to [the] SAFER Banking [Act], and more regulatory clarity around cannabis. But my fear is that if we pass this bill right now, then your banks and other powerful voices will be missing in action when it comes time to address the broader harms of the War on Drugs.”

WATCH video of Senator Reverend Warnock’s full opening remarks at yesterday’s Senate Banking committee hearing HERE.

Select excerpts from Senator Reverend Warnock’s remarks at yesterday’s Senate Banking committee hearing:

“The American Bankers Association, of which all of you are a part, writes that [the SAFER Banking Act] will provide “legal and regulatory clarity for banks, and it would help facilitate access to financial services.” My question is: legal and regulatory clarity for whom, and who are we making safer?”

“Since the War on Drugs began, over 50 years ago, communities across America have been decimated. They’ve been hollowed out, communities all across our country in the wake of the explosion of mass incarceration, making us the mass incarceration capital of the world. Missing bodies and abandoned buildings. The War on Drugs has been a war on communities of color. I want to be clear that I am open to [the] SAFER Banking [Act], and more regulatory clarity around cannabis. But my fear is that if we pass this bill right now, then your banks and other powerful voices will be missing in action when it comes time to address the broader harms of the War on Drugs.”

“And so, I support [the] SAFER Banking [Act], you all seem reluctant to say whether you support it or not. I’m concerned about equity and whether we will get that in the process. So, let me ask you this, will each of you commit to ensuring your banks will uphold the standards in the Community Reinvestment Act, which will soon have another opportunity to address? Will you support standards to increase equity as we move forward, perhaps on [the] SAFER Banking [Act]?”

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