H.R. 1577, Stop Fentanyl Money Laundering Act of 2025

H.R. 1577 would authorize the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to require that U.S. financial institutions impose special measures, including increased due diligence and restrictions, on foreign transactions or financial accounts if the agency determines that those transactions or accounts facilitate illicit fentanyl trafficking. The bill also would require FinCEN to issue updated guidance to U.S. financial institutions about measures to identify Chinese illicit fentanyl trafficking. Additionally, the bill would require the agency to issue guidance on filing suspicious-activity reports related to fentanyl trafficking by transnational criminal organizations and to report to the Congress on the effectiveness of the guidance. Finally, H.R. 1577 would require the Government Accountability Office (GAO) to report to the Congress on previous federal responses to drug crises.

FinCEN already can require U.S. financial institutions to impose special measures. Using information from FinCEN, CBO estimates that the agency would need two employees to issue guidance, conduct outreach to the private sector, and report to the Congress. CBO estimates that it would cost GAO less than $500,000 to complete the required report. In total, CBO estimates that implementing H.R. 1577 would cost $2 million over the 2025-2030 period. Any related spending would be subject to the availability of appropriated funds.

The CBO staff contact for this estimate is Zunara Naeem. The estimate was reviewed by Emily Stern, Senior Adviser for Budget Analysis.