WASHINGTON – U.S. Senators John Cornyn (R-TX) and Catherine Cortez Masto (D-NV) released the following statements after their Preventing the Financing of Illegal Synthetic Drugs Act, which would help the federal government financially stifle organizations that traffic synthetic drugs like fentanyl into the United States, passed the Senate and now heads to the President’s desk:

“Fentanyl is an unprecedented crisis that continues to take the lives of innocent children and adults across our country, and we must combat it at all levels,” said Sen. Cornyn. “This bill would help law enforcement better understand narcotrafficking organizations’ illegal financing and business models, which will increase our chances of defeating them and help save American lives.”

“Keeping Nevadans safe is one of my top priorities, and I’m proud to pass my bill to help us go after drug traffickers spreading dangerous synthetic drugs like fentanyl into our communities,” said Sen. Cortez Masto. “This bill will improve our understanding of how drug cartels finance their operations to better prevent fentanyl money laundering and crack down on drug trafficking.”

Representatives Monica De La Cruz (TX-15), Brittany Pettersen (CO-07), and Andy Ogles (TN-05) introduced the legislation in the House, which passed the chamber last year.

Background:

According to the Centers for Disease Control and Prevention, more than 107,000 people in the United States died from drug overdoses in 2023, with nearly 75,000 of those deaths involving synthetic opioids like fentanyl.

The Preventing the Financing of Illegal Synthetic Drugs Act would direct the Comptroller General of the United States (GAO) to study the illicit financing associated with synthetic drug trafficking and detail for Congress the business model of these organizations, how they move and hide their illicit earnings, and what the U.S. government can do to better prevent fentanyl money laundering. The GAO is required to submit its report to Congress no later than one year after enactment of the legislation.