April 23, 2024

Scott-Led Efforts to Crack Down on Fentanyl Trade, Expose Iranian Assets Pass Senate

Washington, D.C. – Today, Ranking Member Tim Scott’s (R-S.C.) legislative efforts to crack down on the illicit fentanyl supply chain and to expose high-value Iranian assets passed the Senate as part of the national security supplemental. Included in the supplemental package is Ranking Member Scott’s FEND Off Fentanyl Act, his sanctions and anti-money laundering bill to target the China-Mexico illicit fentanyl supply chain. The supplemental package also includes an important provision from his Revoke Iranian Funding Act requiring the Treasury Secretary to study all high-value Iranian assets around the world that are currently blocked by U.S. sanctions, as well as all Iran-related waivers and sanctions relaxation policies, and to provide that information to Congress. This report will ensure Congress has the information necessary to enact further targeted legislation, if necessary.

“Of critical importance to Americans here at home is my FEND Off Fentanyl Act, which is included and will target the financial assets of the criminal groups in China and Mexico poisoning our communities and profiting off the backs of Americans suffering from addiction. The supplemental also holds the Biden administration accountable for their appeasement of Iran by including a critical reporting requirement from my Revoke Iranian Funding Act that will ensure Congress has the information on Iran sanctions it needs to provide oversight of the Biden administration and take action against the Iranian regime,” said Ranking Member Scott in a statement.


Ranking Member Scott 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 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.

Following the October attacks on Israel by Iranian terror proxies, Ranking Member Scott introduced the Revoke Iranian Funding Act, which, in part, 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 the Ranking Member’s commitment to applying pressure on the Iranian regime and holding the Biden administration accountable for their appeasement of Iran through rigorous congressional oversight.