Us Congress Senate Bill SB5202

Us Congress 2023-2024 Regular Session

• Introduced: 9/25/24
• Refer: 9/25/24

Caption

FREED Act Fentanyl Reduction Engrained by Economic Deterrence Act

Impact

If enacted, SB5202 would modify current statutes to broaden the scope of sanctioned parties, making it easier for the U.S. government to act against individuals and organizations that contribute to the fentanyl crisis. This includes enhanced due diligence requirements for financial institutions that may inadvertently support drug trafficking through illicit financial transactions. Local laws related to narcotics trafficking may be affected as the legislation strengthens federal oversight and intervention capabilities. By doing so, it aims to reduce the flow of illicit fentanyl into the United States, ultimately impacting law enforcement strategies and public health initiatives.

Summary

SB5202, known as the FREED Act (Fentanyl Reduction Engrained by Economic Deterrence Act), aims to strengthen sanctions outlined in the Fentanyl Sanctions Act. The bill provides the President with enhanced authority to impose sanctions on foreign individuals and entities that are complicit in the trafficking of opioids, particularly fentanyl and its analogues. This includes a clear mandate for the Secretary of the Treasury to assess and report on entities implicated in these illegal activities. The bill is designed to address the growing public health crisis associated with opioid abuse by targeting the financial networks that support opioid trafficking.

Contention

Concern exists around the implications of the bill regarding potential overreach in sanctioning foreign entities and their operational impact on legitimate businesses. Critics argue that without adequate checks, expansive sanctions could harm law-abiding businesses that inadvertently engage with affected parties. Moreover, the call for international cooperation in the bill raises questions about the ability of the U.S. to navigate complex diplomatic relationships while enforcing stringent economic measures. Stakeholders from various sectors highlight the necessity for a balanced approach that curtails drug trafficking without compromising global trade relations.