Tillis Legislation to Crack Down on Fentanyl Trade, Expose Iranian Assets Signed Into Law

Apr 25 2024

Tillis Legislation to Crack Down on Fentanyl Trade, Expose Iranian Assets Signed Into Law

WASHINGTON, D.C. - Recently, the FEND Off Fentanyl Act and Revoke Iranian Funding Act, legislation cosponsored by Senator Thom Tillis, was signed into law.

"In the past nine years, 13,000 North Carolinians have died from fentanyl overdoes. We must do everything we can to end this epidemic, and the FEND Off Fentanyl Act will target the financial assets of criminal groups in China and Mexico that are responsible for the fentanyl crisis here in America," said Senator Tillis. "Additionally,theRevoke Iranian Funding Act will ensure Congress is receives critical information regarding Iranian sanctions to take action against the Iranian regime and hold the Biden Administration accountable. I commend Congress for prioritizing the safety and security of our nation by passing these commonsense bills as a part of the recent national security supplemental."

Background:

The FEND Off Fentanyl Act 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 bill was debated and unanimously passed out of the Senate Banking Committee on June 21, 2023, during the committee's first legislative markup since 2019, and has 68 Senate cosponsors. Multiple national groups, including law enforcement associations and anti-opioid abuse organizations, also voiced support for the bill.

The Revoke Iranian Funding Act requires the Department of Treasury to submit an unclassified report and briefing to Congress identifying all assets of the Iranian regime or covered persons valued at more than $5 million held outside of Iran within 30 days of the legislation being signed into law. The report must include the country the asset is held, the financial institution, and the approximate value of the asset, as well as a list of all licenses, statements of licensing policy, action letters, and other sanctions exemptions relating to Iran. The inclusion of this important reporting requirement in the national security supplemental continues Senator Tillis' commitment to applying pressure on the Iranian regime and holding the Biden administration accountable for their appeasement of Iran through rigorous congressional oversight.

Full text of the FEND Off Fentanyl Act is available HERE and the Revoke Iranian Funding ActHERE.

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