Despite Claiming Drug Trafficking Crisis is a Priority, Senate Banking Democrats Block Hagerty’s Amendment to Prevent Drug Cartels From Laundering Fentanyl and Meth

September 27, 2023

All Senate Banking Democrats voted against the motion to allow Hagerty’s amendment to be considered, despite lethal drugs—most coming from Mexico across the southern border—killing more than 100,000 Americans per year

WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today proposed an amendment to the SAFER Banking Act that would close a loophole that facilitates for the laundering of fentanyl and meth proceeds via marijuana sales. Drug cartels exploit marijuana sales to traffic lethal drugs across the border into the U.S., which are killing more than 100,000 Americans every year, and then launder the proceeds. Yet, every Senate Banking Democrat blocked Hagerty’s amendment.

“This bill, among other things, shields marijuana proceeds from the money laundering provisions and allows depository institutions to transact marijuana proceeds,” Hagerty said. “The proposed amendment creates civil penalties for anyone in the marijuana supply chain who co-mingles fentanyl or methamphetamine proceeds with state sanctioned marijuana proceeds.”

Each Democrat member of the Senate Banking Committee voted to prevent the amendment from being considered.

“I’d like to make clear what’s happening today: Chairman Brown is attempting to prevent a vote from occurring and for this Committee to decide the fate of the amendment, rather than allowing a vote to happen to try to defeat it on its merit,” Hagerty continued.

“This is a very real concern. These cartels are moving fentanyl and methamphetamine right alongside marijuana sales, and there’s a loophole in this law. I’m shocked that this Committee is willing to let this go through. This is supporting fentanyl and methamphetamine sales. This is an easy fix. I’m shocked at the result here,” Hagerty concluded.

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