The bill, H.R. 3244, proposes to give the U.S. Secretary of the Treasury the authority to impose special regulations on certain foreign financial entities that are deemed to be involved in illicit fentanyl and drug-related money laundering. It sets forth measures for U.S. financial...
Simple Explanation
The bill lets the U.S. Secretary of the Treasury make special rules to watch and stop certain foreign banks from being sneaky about money connected to illegal drugs, like fentanyl. It also tells American banks to be extra careful and report when they think bad guys are moving drug money.