Business
Senators push to pass cannabis banking bill after marijuana rescheduling on September 14, 2023 at 10:00 am Business News | The Hill

A bipartisan coalition of senators behind a cannabis banking bill is pushing for a markup and working to clear key hurdles on both sides of the aisle to lock down support.
As advocates work to drum up momentum for the Secure and Fair Enforcement (SAFE) Banking Act, some proponents in the upper chamber have expressed hopes the bill could advance out of committee in the coming weeks.
“We hope to be able to announce something in the next few days,” Senate Banking Committee Chairman Sherrod Brown (D-Ohio) told reporters this week.
The SAFE Banking Act would give federally regulated banks and credit unions legal cover to take cannabis dispensaries and growers as customers. Financial institutions have been hesitant to serve state-legal cannabis businesses because of the federal ban on the drug.
Democrats say excitement has been building after the Department of Health and Human Services (HHS) recommended that marijuana, which is classified as a Schedule I drug, be moved to the Schedule III category.
“What happened on Schedule III was good, another potential breakthrough,” Sen. Ron Wyden (D-Ore.) said, adding: “We’re moving to finally end the days of ‘Reefer Madness.’ The federal government just been behind on pot.”
Sen. Mark Warner (D-Va.) called the HHS decision “a recognition of reality.”
“The idea that you’ve got marijuana illegal in over half the states, and yet at the federal level, it’s still categorized in the same category as heroin, it seems a bit out of touch with the science,” Warner said.
But as discussions continue, Brown and other negotiators say there is still some work to do before they can lock down necessary backing from conservatives and progressives to secure passage.
“There’s still some outlying issues, minor ones, but we hope to get people on board and get a strong vote,” Brown said.
While 38 states and the District of Columbia have legalized cannabis for medical or recreational use, the possession, distribution or sale of cannabis is still illegal at the federal level. As a result, legally operating cannabis businesses are often denied access to banks.
Proponents of the bill say the SAFE Banking Act would help legally operating businesses avoid the headaches and safety risks of dealing only in cash without affecting the legal status of cannabis beyond states where it’s legal.
But despite passing the House several times in recent years, the bill has faced a bumpy road in the Senate, where it needs at least 60 votes to clear the upper chamber. Both Republicans and Democrats have expressed objections to the bill, reflecting sharp partisan divides over cannabis use and regulation beyond the financial sector.
Senators had previously sought to pass the bill as part of the larger government funding omnibus approved late last year, but talks fell apart after it faced staunch opposition from GOP leadership.
Other rank-and-file Republicans have also been resistant to signing the bill backed strongly by marijuana advocates given their personal opposition to cannabis use.
“I don’t know if we got the votes. At least they don’t have my vote at this stage of the game,” Sen. Mike Rounds (R-S.D.), who also sits on the Banking Committee, told The Hill this week.
“I don’t think making access to marijuana at this stage of the game is necessarily helpful,” he added.
Republicans have also raised concerns about preventing banks from cracking down on other politically controversial industries.
“I think there’s a desire to sort of level the playing field, if you will, between things like hemp and CBD, and then there’s been some desire to — I, for one, would like to see the same premise applied obviously to banks and things like Operation Choke Point,” Sen. Kevin Cramer (R-N.D.) told The Hill, referring to the Obama-era scrutiny of bank transactions with firearms businesses.
“Try to eliminate some of that nonsense,” he said. “I think there is a discussion ripe for some compromise and some deal-making.”
Democratic negotiators say talks are still ongoing on the issue, but Sen. Jack Reed (D-R.I.), a key player in those discussions, told The Hill on Tuesday that both sides are “making progress.”
While timing around when the bill will see markup remains unclear, Sen. Steve Daines (Mont.), a key Republican in talks, told The Hill recently that he’s hopeful it will happen “sometime in September.”
“I think there’s a chance to get a markup done,” he said.
While an overwhelming majority of Senate Democrats back the bill, progressives have been wary to vote on a bill that would boost cannabis business without addressing federal drug laws.
“Robust conversations are going on that makes me very hopeful that we can get SAFE done, we can get some equity issues,” Sen. Cory Booker (D-N.J.) told The Hill on Tuesday.
Andrew Freedman, executive director of the Coalition for Cannabis Policy, Education, and Regulation, told The Hill that there are advocates who don’t believe the SAFE Banking Act should be the first cannabis bill passed by Congress.
“I think we’d rather see it be something around decriminalization. So that is definitely going be a tension all the way through with SAFE Act,” Freedman said.
Some progressives have floated adding on the Harnessing Opportunities by Pursuing Expungement (HOPE) Act, a bill offered by Reps. Dave Joyce (R-Ohio) and Alexandria Ocasio-Cortez (D-N.Y.) that seeks to help states expunge cannabis convictions.
Pressed about HOPE this week, Booker wouldn’t get specific when discussing potential add-ons for the bill, but he stressed the need for more equity in the cannabis space.
“My pillars: opening up the banking industry, creating more equity opportunities for women and minorities to have access to that banking industry, and trying to get some social criminal justice things done,” he said.
Even so, the addition of social and criminal justice measures to the SAFE Banking Act could cost support from anti-cannabis Republicans and other groups who prefer to focus on the business-oriented aspects.
The American Bankers Association (ABA) is among the prominent noncannabis groups supporting the legislation.
“We’re optimistic that we will see movement on the SAFE Banking Act in the coming weeks and urge the Senate to get this bipartisan, commonsense legislation that will enhance public safety across the finish line,” Jeff Sigmund, an ABA spokesperson, told The Hill in a written statement.
Because the possession, distribution or sale of cannabis is still illegal at the federal level, the industry is largely unbanked for fear of federal sanctions, as the ABA pointed out in a letter to Congress in May expressing its support for the bill.
This is a banking bill, not a cannabis bill, which makes it more politically palatable for some lawmakers, several lobbyists told The Hill.
“Because it deals specifically with the financial institutions, rather than the cannabis businesses, it feels — for lack of a good word — safe for a lot of these members,” David Mangone, director of policy at a federal cannabis advocacy firm called The Liaison Group told The Hill in a phone interview.
Business, Senate A bipartisan coalition of senators behind a cannabis banking bill is pushing for a markup and working to clear key hurdles on both sides of the aisle to lock down support. As advocates work to drum up momentum for the Secure and Fair Enforcement (SAFE) Banking Act, some proponents in the upper chamber have expressed…
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.













