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‘Quite a journey’: Cannabis banking bill clears Senate committee on September 27, 2023 at 6:48 pm Business News | The Hill

A cannabis banking bill cleared a Senate committee for the first time ever on Wednesday morning.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act provides a safe harbor for legal state-level marijuana dispensaries and growers to access federally-regulated banks and credit unions that have been wary of the persistent federal ban.
Sens. Jeff Merkley (D-Ore.), Steve Daines (R-Mont.), Kyrsten Sinema (I-Ariz.) and Cynthia Lummis (R-Wyo.) and Majority Leader Chuck Schumer (D-N.Y.) introduced the tweaked version of the SAFER Banking Act last week.
Versions of this bill have passed the House seven times, but this is the first time it has advanced in the Senate.
A bipartisan group of senators hustled to reach compromises on key disagreements ahead of the markup, although there was still plenty of discontent on display around criminal justice reform and the Obama-era “Operation Choke Point.”
“It’s been quite a journey,” Senate Banking Committee Chairman Sherrod Brown (D-Ohio) said during his opening remarks.
Committee members voted 14-9 to advance the SAFER Banking Act. Lummis, Daines and Sen. Kevin Cramer (N.D.) were the only Republicans to vote “yes” on the bill.
Sen. Raphael Warnock (D-Ga.) broke with his party, saying he was concerned the bill could increase the racial wealth gap and “just make the comfortable more comfortable.”
“This bill will make life safer for bankers, for businesses and financial institutions, some of whom have been profiting from the cannabis industry illegally for years, which is ironic given many of the regular folks who illegally sold or used cannabis are sitting in jail cells right now,” Warnock said.
Legal cannabis sales are expected to hit $33.6 billion this year, according to an April analysis by MJBiz Factbook. The lion’s share of that total will not go to communities hit hardest by the war on drugs: Less than 5 percent of cannabis business owners are Black, Sen. Elizabeth Warren (D-Mass.) pointed out.
Some small business owners who celebrated the bill’s passage are also pushing to update the definition of financial services to expand access to capital, which they say would be particularly valuable for minority-owned shops.
Reese Xavier, CEO and managing partner of HT23 Growers, told The Hill in a phone interview that he was excited the SAFER Banking Act passed out of committee. But he’s hoping to see the bill provide cannabis companies the same access to loans, mortgages and other services as it does to hemp sellers.
“That then allows us to gain access to the capital that we need to stand up these businesses to really make a difference in communities of color,” Xavier said.
In a statement released after the markup, Schumer said he would bring the SAFER Banking Act to the floor for a vote “as quickly as possible.”
The bill would need 60 votes to clear the Senate, where it faces roadblocks on both sides of the upper chamber.
Several progressive Democrats share Warnock’s concerns about the lack of criminal justice provisions in the act, and many Republicans are wary of doing anything to help the cannabis industry.
Schumer also reiterated his commitment to include criminal justice reforms, namely the Harnessing Opportunities by Pursuing Expungement (HOPE) Act, which would support the expungement of state-level cannabis convictions, and the Gun Rights and Marijuana (GRAM) Act, which would override federal restrictions on the sale of firearms to marijuana users.
An overwhelming majority of states have legalized medical or recreational cannabis use, and laws are rapidly changing across the country. Recreational marijuana legalization is on the ballot this year in Ohio, where the committee chairman faces a tough reelection in 2024.
Although the Department of Health and Human Services recently recommended that marijuana be reclassified from Schedule I to Schedule III, cannabis is still illegal at the federal level. That means these businesses are often denied access to banking services.
“The status quo is simply untenable for consumers, small businesses and banks operating in states where cannabis is legal,” the American Bankers Association said in a statement following the markup.
Despite the House’s leadership on cannabis banking under Democratic control, hang-ups around language protecting the cannabis industry from regulators could also tank the bill in the Republican-controlled chamber.
Some Republicans railed against “Operation Choke Point,” a 2013 Justice Department initiative that discouraged banks from serving businesses at high risk for fraud and money laundering.
The Justice Department formally ended the initiative in 2017, but Republicans remain concerned.
“The bill would give special protections to businesses conducting a federally illicit activity, protections that legal businesses simply do not enjoy,” Sen. Mike Rounds (R-S.D.) said.
“Meanwhile, legal industries such as firearms or traditional fuel sources still must fight to even hold accounts.”
Lummis, one of the bill’s sponsors, said the updated language would prevent federal banking regulators from closing bank accounts for “reputational risk reasons.”
“It takes a major step towards ending the banking industry being weaponized,” Lummis said. “All legal businesses, whether on the right or the left side of the ideological spectrum, should have access to bank accounts.”
Business A cannabis banking bill cleared a Senate committee for the first time ever on Wednesday morning. The Secure and Fair Enforcement Regulation (SAFER) Banking Act provides a safe harbor for legal state-level marijuana dispensaries and growers to access federally-regulated banks and credit unions that have been wary of the persistent federal ban. Sens. Jeff Merkley…
Business
Why 9 Million Americans Have Left

The Growing American Exodus
Nearly 9 million Americans now live outside the United States—a number that rivals the population of several states and signals a profound shift in how people view the American dream. This mass migration isn’t confined to retirees or the wealthy. Thanks to remote work, digital nomad visas, and mounting pressures at home, young professionals, families, and business owners are increasingly joining the ranks of expats.

Rising Costs and Shrinking Wallets
Living in the US has become increasingly expensive. Weekly grocery bills topping $300 are not uncommon, and everyday items like coffee and beef have surged in price over the last year. Rent, utilities, and other essentials also continue to climb, leaving many Americans to cut meals or put off purchases just to make ends meet. In contrast, life in countries like Mexico or Costa Rica often costs just 50–60% of what it does in the US—without sacrificing comfort or quality.
Health Care Concerns Drive Migration
America’s health care system is a major trigger for relocation. Despite the fact that the US spends more per person on health care than any other country, millions struggle to access affordable treatment. Over half of Americans admit to delaying medical care due to cost, with households earning below $40,000 seeing this rate jump to 63%. Many expats point to countries such as Spain or Thailand, where health care is both affordable and accessible, as a major draw.

Seeking Safety Abroad
Public safety issues—especially violent crime and gun-related incidents—have made many Americans feel unsafe, even in their own communities. The 2024 Global Peace Index documents a decline in North America’s safety ratings, while families in major cities often prioritize teaching their children to avoid gun violence over simple street safety. In many overseas destinations, newly arrived American families report a significant improvement in their sense of security and peace of mind.
Tax Burdens and Bureaucracy
US tax laws extend abroad, requiring expats to file annual returns and comply with complicated rules through acts such as FATCA. For some, the burden of global tax compliance is so great that thousands relinquish their US citizenship each year simply to escape the paperwork and scrutiny.
The Digital Nomad Revolution
Remote work has unlocked new pathways for Americans. Over a quarter of all paid workdays in the US are now fully remote, and more than 40 countries offer digital nomad visas for foreign professionals. Many Americans are leveraging this opportunity to maintain their US incomes while cutting costs and upgrading their quality of life abroad.

Conclusion: Redefining the Dream
The mass departure of nearly 9 million Americans reveals deep cracks in what was once considered the land of opportunity. Escalating costs, inaccessible healthcare, safety concerns, and relentless bureaucracy have spurred a global search for better options. For millions, the modern American dream is no longer tied to a white-picket fence, but found in newfound freedom beyond America’s borders.
Business
Will Theaters Crush Streaming in Hollywood’s Next Act?

Hollywood is bracing for a pivotal comeback, and for movie lovers, it’s the kind of shake-up that could redefine the very culture of cinema. With the freshly merged Paramount-Skydance shaking up its strategy, CEO David Ellison’s announcement doesn’t just signal a change—it reignites the passion for moviegoing that built the magic of Hollywood in the first place.

Theatrical Experience Roars Back
Fans and insiders alike have felt the itch for more event movies. For years, streaming promised endless options, but fragmented attention left many longing for communal spectacle. Now, with Paramount-Skydance tripling its film output for the big screen, it’s clear: studio leaders believe there’s no substitute for the lights, the hush before the opening credits, and the collective thrill of reacting to Hollywood’s latest blockbusters. Ellison’s pivot away from streaming exclusives taps deep into what unites cinephiles—the lived experience of cinema as art and event, not just content.
Industry Pulse: From Crisis to Renaissance
On the financial front, the numbers are as electrifying as any plot twist. After years of doubt, the box office is roaring. AMC, the world’s largest theater chain, reports a staggering 26% spike in moviegoer attendance and 36% revenue growth in Q2 2025. That kind of momentum hasn’t been seen since the heyday of summer tentpoles—and it’s not just about more tickets sold. AMC’s strategy—premium screens, with IMAX and Dolby Cinema, curated concessions, and branded collectibles—has turned every new release into an event, driving per-customer profits up nearly 50% compared to pre-pandemic norms.
Blockbusters Lead the Culture
Forget the gloom of endless streaming drops; when films like Top Gun: Maverick, Mission: Impossible, Minecraft, and surprise hits like Weapons and Freakier Friday draw crowds, the industry—and movie fans—sit up and take notice. Movie-themed collectibles and concession innovations, from Barbie’s iconic pink car popcorn holders to anniversary tie-ins, have made each screening a moment worth remembering, blending nostalgia and discovery. The focus: high-impact, shared audience experiences that streaming can’t replicate.
Streaming’s Limits and Studio Strategy
Yes, streaming is still surging, but the tide may be turning. The biggest franchises, and the biggest cultural events, happen when audiences come together for a theatrical release. Paramount-Skydance’s shift signals to rivals that premium storytelling and box office spectacle are again at the center of Hollywood value creation. The result is not just higher profits for exhibitors like AMC, but a rebirth of movie-going as the ultimate destination for fans hungry for connection and cinematic adventure.

Future Forecast: Culture, Community, and Blockbuster Dreams
As PwC and others warn that box office totals may take years to fully catch up, movie lovers and industry leaders alike are betting that exclusive theatrical runs, enhanced viewing experiences, and fan-driven engagement are the ingredients for long-term recovery—and a new golden age. The Paramount-Skydance play is more than a business move; it’s a rallying cry for the art of the theatrical event. Expect more big bets, more surprises, and—finally—a long-overdue renaissance for the silver screen.
For those who believe in the power of cinema, it’s a thrilling second act—and the best seat in the house might be front and center once again.
Business
Why Are Influencers Getting $7K to Post About Israel?

Influencers are being paid as much as $7,000 per post by the Israeli government as part of an expansive and sophisticated digital propaganda campaign. This effort is designed to influence global public opinion—especially among younger social media users—about Israel’s actions in Gaza and to counter critical narratives about the ongoing humanitarian situation.

How Much Is Being Spent?
Recent reports confirm that Israel has dedicated more than $40 million this year to social media and digital influence campaigns, targeting popular platforms such as TikTok, YouTube, and Instagram. In addition to direct influencer payments, Israel is investing tens of millions more in paid ads, search engine placements, and contracts with major tech companies like Google and Meta to push pro-Israel content and challenge critical coverage of issues like the famine in Gaza.
What’s the Strategy?
- Influencer Contracts: Influencers are recruited—often with all-expenses-paid trips to Israel, highly managed experiences, and direct payments—to post content that improves Israel’s image.
- Ad Campaigns: State-backed ad buys show lively Gaza markets and restaurants to counter global reports of famine and humanitarian crisis.
- Narrative Management: These posts and ads often avoid overt propaganda. Instead, they use personal stories, emotional appeals, and “behind the scenes” glimpses intended to humanize Israel’s side of the conflict and create doubt about reports by the UN and humanitarian agencies.
- Amplification: Paid content is strategically promoted so it dominates news feeds and is picked up by news aggregators, Wikipedia editors, and even AI systems that rely on “trusted” digital sources.
Why Is This Happening Now?
The humanitarian situation in Gaza has generated increasing international criticism, especially after the UN classified parts of Gaza as experiencing famine. In this environment, digital public relations has become a primary front in Israel’s efforts to defend its policies and limit diplomatic fallout. By investing in social media influencers, Israel is adapting old-school propaganda strategies (“Hasbara”) to the era of algorithms and youth-driven content.
Why Does It Matter?
This campaign represents a major blurring of the lines between paid promotion, journalism, and activism. When governments pay high-profile influencers to shape social media narratives, it becomes harder for audiences—especially young people—to distinguish between authentic perspectives and sponsored messaging.

In short: Influencers are getting $7,000 per post because Israel is prioritizing social media as a battleground for public opinion, investing millions in shaping what global audiences see, hear, and believe about Gaza and the conflict.
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