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Schumer says Senate to act on marijuana legalization

Senate Majority Leader Chuck Schumer (D-N.Y.) told Politico in an interview this week that the Senate will work toward federal marijuana reform legislation — including legalization — with or without President Biden's support.

Why it matters: Biden has in the past opposed federal marijuana legalization citing a lack of evidence on whether it is a gateway drug. He has instead favored decriminalizing the drug, federally legalizing medical marijuana and allowing states to decide whether to legalize recreational use of the drug.


What they're saying: “I want to make my arguments to him, as many other advocates will,” Schumer told Politico. “But at some point we're going to move forward, period.“

  • "I certainly will have an ongoing conversation with [Biden], and tell him how my views evolved. And hope that his will too."
  • "The legalization of states worked out remarkably well. They were a great success. The parade of horribles never came about, and people got more freedom. And people in those states seem very happy."

The big picture: New York,Schumer's home state, became the 15th state to legalize recreational marijuana earlier this week and is expected to quickly become one of the biggest markets for legal cannabis in the U.S.

  • New Mexico is set to become the 16th state to legalize the drug after the state legislature passed a bill on Wednesday, and Gov. Michelle Lujan Grisham (D) said she would sign the bill, according to the New York Times.
  • Voters in South Dakota, one of the most Republican states in the country, approved legalizing recreational and medical marijuana in the 2020 election, though Gov. Kristi Noem (R) has opposed the measures and taken steps to block them, according to the Sioux Falls Argus Leader.
"I think the American people started speaking with a clear message — more than two to one — that they want the law changed. When a state like South Dakota votes by referendum to legalize, you know something is out there."
Chuck Schumer

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The stock market had its worst day in months, but no one is quite sure why

Data: FactSet; Chart: Axios Visuals

The Nasdaq fell 5% on Thursday, its worst decline since March, and the S&P 500 had its worst session since June, but no one was quite sure why.

What happened: Fund managers and strategists posited that profit taking or rebalancing was to blame as no fundamental drivers for the sell-off were apparent and it remains unclear whether Thursday was a fluke or the beginning of retrenchment from what most Wall Street analysts viewed as an overextended market.

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"Filled with hope": Republicans pledge to set aside differences and work with Biden

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.

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Secretary of State Blinken to visit Ukraine in wake of massive Russian military buildup

Secretary of State Antony Blinken will travel to Kyiv on May 5-6 to meet with Ukrainian President Volodymyr Zelensky "to reaffirm unwavering U.S. support for Ukraine’s sovereignty and territorial integrity in the face of Russia’s ongoing aggression," the State Department announced.

Why it matters: Blinken will be the most senior-ranking U.S. official to visit Ukraine during the Biden administration. The trip comes in the aftermath of massive Russia military exercises near the Ukrainian border, and could precede a summit this summer between President Biden and Russian President Vladimir Putin.

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