Benzinga - by Maureen Meehan, Benzinga Editor.
U.S. Senator Tim Scott's (R-S.C.), effort to crack down on the illicit fentanyl supply chain was signed into law on Wednesday as a part of the national security supplemental package.
Scott, a member of the Senate Committee on Banking, Housing and Urban Affairs, wrote and introduced the FEND Off Fentanyl Act, which directs the Department of Treasury to use U.S. economic national security tools to choke off the profits of the Chinese precursor manufacturers and the Mexican cartels that push fentanyl across the border.
"The precursors for fentanyl come from China, they're manufactured in Mexico, and then the Mexican cartels bring them to America — leading to the deaths of 70,000 Americans. My solution — the FEND OFF Fentanyl Act — freezes and sanctions the assets of the Mexican cartels, cutting off their cash and starving them of what they need to kill 70,000 Americans," Scott said in a statement. "Today, we'll have a greater opportunity to stop the flow of fentanyl."
In an overwhelmingly bipartisan vote Wednesday, the Senate passed the legislation, co-sponsored by Senate Banking Committee Chair Sen. Sherrod Brown (D-Ohio). The bill takes definitive action to expand sanctions to illicit fentanyl traffickers in Mexico and the creators of precursor chemicals in China.
"Fentanyl has taken too many lives and caused too much devastation in Ohio. FEND Off Fentanyl will save lives by going directly after the drug cartels' billions in illicit profits, targeting the entire fentanyl supply chain and sanctioning illicit opioid traffickers and money launderers in China and Mexico," Brown said. "This is good news for law enforcement and for families on the front lines who have demanded action for years now."
The bill, which was unanimously passed in the Senate Banking Committee in June 2023, ensures sanctions are imposed not only on the illicit drug trade but also on the money laundering that makes it profitable.
The Centers for Disease Control and Prevention predicted record numbers of drug poisonings for 2023, with their latest estimate for the 12 months ending June 2023 at 112,323 American lives lost. Nearly 70% of these drug poisonings are from fentanyl.
Fentanyl is the leading cause of death for Americans between 18 and 45. The DEA calls it “the deadliest drug threat” in the country.
Photo: Courtesy of C-Span
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