Biden signs bipartisan bill targeting financing of illegal synthetic drugs

President Joe Biden signed into law H.R. 1076, the Preventing the Financing of Illegal Synthetic Drugs Act, on Friday, September 13th. The legislation is a bipartisan bill introduced by Congresswoman Monica De La Cruz (TX-15) and passed by both the House and Senate. This landmark legislation aims to combat the financing of illegal synthetic drugs, particularly fentanyl, which has ravaged communities across the United States. It is the first bill signed into law from a Member of Congress representing Texas’ 15th Congressional District in nearly two decades.

H.R. 1076 directs the Comptroller General of the United States to conduct a comprehensive study of the illicit financing tied to synthetic drug trafficking. This study will provide Congress with detailed insight into how drug trafficking organizations move, hide, and launder their illicit profits, arming the U.S. government with critical information to disrupt these operations and combat fentanyl money laundering effectively.

"I am grateful to the President for signing this crucial legislation into law, and I thank Senator Cornyn for introducing the companion bill in the Senate," said Rep. De La Cruz. "With this law, we are taking an important step in the fight against fentanyl and its devastating impact on our communities. By understanding how narcotrafficking organizations finance their operations, we increase our chances of dismantling these dangerous networks and saving American lives."

According to the Centers for Disease Control and Prevention (CDC), over 107,000 people in the United States died from drug overdoses or poisonings in the 12 months ending in January 2022, with 67% of those deaths involving synthetic opioids such as fentanyl.

Rep. De La Cruz emphasized the urgency of this law for border communities, especially those in Texas' 15th Congressional District, which have been at the forefront of the fight against illegal drug trafficking. "This bill is a significant step toward making our communities safer and ensuring our families can thrive without the threat of fentanyl on our streets," she added.

H.R. 1076 passed the House in May 2023 with support from Reps. Andy Ogles (TN-05) and Brittany Pettersen (CO-07) as lead co-sponsors. With President Biden's signature, the Preventing the Financing of Illegal Synthetic Drugs Act is now law, marking a major victory in combating fentanyl and other synthetic drugs.