BUST FENTANYL Act
Summary
The BUST FENTANYL Act would strengthen U.S. efforts to combat international fentanyl trafficking through sanctions and enhanced reporting. The bill would revive a requirement for the President to annually identify foreign opioid traffickers and report to Congress through 2030, with special focus on Chinese nationals and entities involved in shipping fentanyl and related chemicals to Mexico or other countries producing fentanyl for the U.S. market. The President would be required to impose sanctions on those identified, such as bans on loans, foreign exchange transactions, and property transactions.
The bill would also expand sanctions to reach additional foreign persons and entities that knowingly engage in activities or financial transactions supporting opioid trafficking, or provide financial, material, or technological support for such trafficking. This could include foreign government agencies and financial institutions that facilitate opioid trafficking. The legislation aims to disrupt the international supply chain of synthetic opioids and protect public health. The Congressional Budget Office estimates implementation would cost less than $500,000 over five years, though it would impose compliance burdens on U.S. banks and financial institutions required to monitor and report on foreign transactions involving sanctioned parties.