Gold Overtakes Euro as Second-Largest Global Reserve Asset

Money Metals News Service
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Gold Overtakes Euro as Second-Largest Global Reserve Asset

(Mike Maharrey, Money Metals News Service) Due to a combination of central bank gold buying and the surging price of gold, gold has overtaken the euro as the world’s number two reserve asset.

But it’s not so much that gold is replacing the euro. It is supplanting the dollar.

Based on data released by the European Central Bank and analyzed by CNBC, at the end of 2024, gold made up 19.6 percent of global reserves, with the euro accounting for 15.9 percent.

The euro’s share of global reserves fell six-tenths of one percent from 2023 to 2024, from 16.5 percent to 15.9 percent. Gold’s share leapt from 18.1 percent to 19.6 percent.

Meanwhile, the percentage of dollars held as a global reserve asset tumbled from 48.4 percent to 46.5 percent.

Gold’s share of global reserves has increased rapidly over the past several years. In 2018, it was only 11.6 percent of total reserves.

At the end of 2018, the dollar commanded 54.6 percent of global reserves.

Central bank gold demand topped 1,000 tonnes for the third straight year in 2024. To put that into perspective, central bank gold reserves increased by an average of just 473 tonnes annually between 2010 and 2021.

According to IMF data, between 2006 and 2023, central banks globally increased their official holdings by about 200 million troy ounces (6221 tonnes). This doesn’t account for the large amount of gold being purchased by the People’s Bank of China (and likely other countries) off the books.

CNBC pointed out that gold has been increasingly attractive to countries “concerned about sanctions and the potential erosion of the role of major currencies in the international monetary system.”

In other words, they are trying to shield themselves from the weaponization and depreciation of the dollar. CNBC noted that “a turning point for the precious metal came around the time of Russia’s full-scale invasion of Ukraine in February 2022.”

This should come as no surprise. According to a report by the Atlantic Council, “In recent years, and especially since Russia’s invasion of Ukraine and the Group of Seven (G7)’s subsequent escalation in the use of financial sanctions, some countries have been signaling their intention to diversify away from dollars.”

As a Forbes article put it, “gold is neither exposed to counterparty risk nor to international sanctions, some central banks (e.g., Russia) ought to fret over.”

Concerns about U.S. fiscal irresponsibility and the use of tariffs as a negotiating tool have also undermined faith in the dollar. An analyst told CNBC, “As the U.S. wants to take a more isolationist approach in trade, it makes sense for central banks of its key trading partners to diversify their reserves away from the U.S. dollar.”

Capital Economics climate and commodities economist Hamad Hussain told CNBC that central banks will likely keep accumulating gold.

“Indeed, the perception of gold as hedge against global fiscal, inflationary, and geopolitical risks supports the case for central bank reserve managers to allocate a greater share of their portfolio to gold. Recent doubts over the dollar’s safe-haven status could also boost the attractiveness of both gold and the euro as reserve assets over the coming years.”

Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

Money Wisdom from the Seminole Indians

Money Metals News Service
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Money Wisdom from the Seminole Indians

(Mike Maharrey, Money Metals News Service) Did you know the Seminole Indians refused to conduct trade using paper money?

True story. When doing business with white traders, the Seminoles insisted on barter or silver coinage.

Why?

Because they understood the unreliability of fiat currency and the government that “backs” it.

I learned this factoid during a recent trip to the Everglades. My wife and I visited the Smallwood Store in Chokoloskee, Florida.

Ted Smallwood established the store as a trading post to serve the remote area in 1906.

Smallwood only had a third-grade education, but he quickly became fluent in several Native American dialects and gained the trust of his Seminole neighbors.

A large wooden box that Smallwood used to keep money and other valuables for his Seminole customers. A sign on the display notes, “The Seminoles did not like to use paper money.”

“Everything paid out, other than food trade, had to be done in silver.”

According to family lore, the Seminole traders would arrive with 8-pound lard buckets filled with silver coins. They entrusted their money with Smallwood, and he kept it in his “wooden bank.”

“Due to the weight of the coins, Ted Smallwood carried around with him daily, his daughters relined his pockets with canvas, replacing them as needed from wear. His pockets were his personal bank.”

So, why did the Seminoles refuse to use paper money?

They didn’t trust the government.

You know, I can relate to that!

Seminoles wanted things with tangible value. They often bartered, but they also recognized the value of silver and adopted it as money.

The Seminoles viewed paper money as symbolic and, thereby, unreliable.

Apparently, these Everglades natives in the early 20th century understood money better than most Americans today!

The Seminoles had also experienced their share of broken U.S. government promises, including broken treaties and forced removal. Because the government issued paper money, and it was effectively a promissory note, in the Seminole view, it symbolized unreliable promises.

Given the way the U.S. government and its central bank have abused the fiat dollar, relentlessly inflating away its value, it appears the Seminole instincts were right.

Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

BREAKING: Illegals Riot at NJ ICE Facility; Some May Have Escaped

Headline USA Editor
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BREAKING: Illegals Riot at NJ ICE Facility; Some May Have Escaped

(Headline USA) Protesters outside a New Jersey federal immigration detention center locked arms and pushed against barricades as vehicles passed through gates, inmates inside relayed word that meals had been delayed, and Newark’s mayor cited reports of a possible uprising and escape as disorder broke out at the facility.

Much is still unclear about what unfolded at the Delaney Hall facility in Newark, where Immigrations and Customs Enforcement opened a 1,000-bed facility this year as part of President Donald Trump’s crackdown on illegal immigration.

Photos and video from outside the facility Thursday show protesters pushing against the gates amid word that detainees inside were upset about delayed meals.

Amy Torres, executive director of New Jersey Alliance for Immigrant Justice, said some officers sprayed pepper spray and tackled and dragged protesters away from the facility. She said some protesters had minor injuries, but no one was hit by the vehicles.

An attorney for someone detained at the facility told told NJ.com people inside became violent after meals were delayed.

“It’s about the food, and some of the detainees were getting aggressive and it turned violent,” attorney Mustafa Cetin said. “Based on what he told me it was an outer wall, not very strong, and they were able to push it down.”

Attorneys with clients inside Delaney Hall have had calls canceled and have not been able to get inside the facility Friday, according to Araceti Argueta, a spokesperson for the American Friends Service Committee, a nonprofit that represents immigrants.

Newark Mayor Ras Baraka, a Democrat who’s been critical of Trump’s immigration crackdown, early Friday called for an end to this “chaos and not allow this operation to continue unchecked.”

“We are concerned about reports of what has transpired at Delaney Hall this evening, ranging from withholding food and poor treatment, to uprising and escaped detainees,” he said.

It’s unclear whether there have been any escapes.

In a statement issued Friday, American Friends Service Committee said people inside the facility reported getting small portions of food, with breakfast at 6 a.m., dinner at 10 p.m. and no lunch.

Messages seeking comment were left with ICE, the Department of Homeland Security and local police.

GEO Group, which owns the facility referred questions to ICE.

ICE housed more than 53,000 people nationwide at the end of May, its latest public figures, which is well above its budgeted capacity of about 41,000 and approaching all-time highs.

Stephen Miller, the White House deputy chief of staff and chief architect of Trump’s immigration policies, said late last month that ICE should make at least 3,000 arrests a day. That would mark a dramatic increase from Jan. 20 to May 19, when the agency made an average of 656 arrests a day.

Delaney Hall has been the cite of clashes this year between Democratic officials who say the facility needs more oversight and the administration and those who run the facility.

Baraka was arrested May 9, handcuffed and charged with trespassing. The charge was later dropped and Democratic Rep. LaMonica McIver was later charged with assaulting federal officers stemming from a skirmish that happened outside the facility. She has denied the charges said she was doing her job as a lawmaker conducting oversight.

Adapted from reporting by the Associated Press

 

Official: U.S.-Israeli Deception Gave Iran False Security Ahead of Attack

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Official: U.S.-Israeli Deception Gave Iran False Security Ahead of Attack

(Dave DeCamp, Antiwar.com) A senior Israeli official told the Jerusalem Post that Tel Aviv and Washington worked together to convince Tehran that diplomacy was still possible after Israel was ready to attack Iran. Just hours before Israel’s massive assault began, President Donald Trump maintained he was still committed to talks.

The Israeli outlet reports, “The round of US-Iranian nuclear negotiations scheduled for Sunday was part of a coordinated US-Israeli deception aimed at lowering Iran’s guard ahead of Friday’s attack.”

In a post on Truth Social shortly before the Israeli strikes began, Trump declared that “We remain committed to a Diplomatic Resolution to the Iran Nuclear Issue! My entire Administration has been directed to negotiate with Iran. They could be a Great Country, but they first must completely give up hopes of obtaining a Nuclear Weapon. Thank you for your attention to this matter!”

After the Israeli attack was in progress, Secretary of State Marco Rubio denied that the US was involved. However, American officials have said the White House was aware Israel was set to begin striking Iran, with Trump telling Fox News he was briefed on the operation.

Barak Ravid of Axios, moreover, later reported that Tel Aviv was given “a clear US green light” to start bombing, citing two unnamed Israeli officials.

Sources speaking with Axios said the perceived split between Trump and Israeli Prime Minister Benjamin Netanyahu was coordinated behind the scenes. “Two Israeli officials claimed to Axios that Trump and his aides were only pretending to oppose an Israeli attack in public — and didn’t express opposition in private,” the report explained. “The goal, they say, was to convince Iran that no attack was imminent and make sure Iranians on Israel’s target list wouldn’t move to new locations.”

The sources said that Trump and Netanyahu discussed the attack during a phone call on Monday. After the call, reports said Trump pressed Netanyahu not to attack Iran, but that was another effort to deceive Iran.

In a second post following the attack, Trump said he gave Iran the opportunity to make a deal, and suggested that Israel used American weapons in the massive air raid. “I gave Iran chance after chance to make a deal. I told them, in the strongest of words, to ‘just do it,’ but no matter how hard they tried, no matter how close they got, they just couldn’t get it done,” the president wrote.

The post continued, “I told them it would be much worse than anything they know, anticipated, or were told, that the United States makes the best and most lethal military equipment anywhere in the World, BY FAR, and that Israel has a lot of it, with much more to come – And they know how to use it.”

The US and Iran began negotiations on establishing a new nuclear agreement in April, with the two sides engaging in five rounds of Omani-mediated talks. At times, a deal appeared possible, with Iranian officials saying the dialogue was leading to progress. A sixth round of talks was scheduled for Sunday, but now appears unlikely.

A second source speaking with the Jerusalem Post said the goal of Israel’s military operations was not the complete destruction of Iran’s nuclear facilities, but rather to hit missile sites and top Iranian leaders to bring down the government.

Israel has conducted several rounds of strikes so far, hitting nuclear facilities, residential buildings in Tehran, and military sites. Iran has confirmed that several military leaders and nuclear scientists were killed in the bombing.

Kyle Anzalone is the opinion editor of Antiwar.com and news editor of the Libertarian Institute. He hosts The Kyle Anzalone Show and is co-host of Conflicts of Interest with Connor Freeman.

This article originally appeared at Antiwar.com.

 

Tim Walz Freezes When Asked to Define a Woman

Luis Cornelio
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Tim Walz Freezes When Asked to Define a Woman

(Luis Cornelio, Headline USA) Failed vice presidential candidate Tim Walz, the self-described “knucklehead” Minnesota governor, became speechless when Rep. Nancy Mace, R-S.C., asked him to define a woman.  

“What is a woman?” Mace asked on Thursday at a House Oversight Committee hearing on sanctuary jurisdictions. 

Walz, seemingly taken aback by the question, mumbled, “I…” 

Mace pressed again: “‘What is a woman?’ is the question?” 

“I, I’m not sure I understand the question here,” Walz replied. “What do you, what do you want me to say?” 

Mace swiftly shot back that she wanted Walz to “say that a woman like me is an adult human female—that men can’t become women.” 

She added, “You guys are the party of violence, and you’re the party erasing women. You don’t respect us.”  

Mace concluded her remarks, accusing Walz of being a bigot: “You’re a bigot. You’re a misogynist. You’re a sexist. Mr. Chairman, I yield back.” 

Walz joined New York Gov. Kathy Hochul and Illinois Gov. JB Pritzker on Capitol Hill to face scorching questions from House Republicans about their respective states’ sanctuary policies as President Donald Trump ramps up deportations. 

House Majority Whip Tom Emmer slammed Walz’s decision to embrace policies aimed at protecting violent illegal aliens in his state. 

“You are an utter failure. You should not be Governor!” Emmer said. “The time for sanctuary cities is over, and the American people made that clear when they elected Trump and Vance over you. Remember that?!” 

Florida Sheriff Warns Anti-ICE Rioters: ‘We Will Kill You, Graveyard Dead’

Luis Cornelio
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Florida Sheriff Warns Anti-ICE Rioters: ‘We Will Kill You, Graveyard Dead’

(Luis Cornelio, Headline USA) A Florida sheriff on Thursday warned potential anti-ICE rioters that any attack on local law enforcement would be met with deadly force: “We will kill you, graveyard dead.” 

Brevard County Sheriff Wayne Ivey issued the blunt warning at a press conference on possible protests against President Donald Trump’s immigration operations in Florida. 

“Throw a brick, a firebomb, or point a gun at one of our deputies, we will be notifying your family where to collect your remains at,” Ivey said. “Because we will kill you, graveyard dead. We’re not going to play.” 

“This has got to stop,” he continued. 

Ivey warned that individuals who block roads in Brevard County risk getting run over and then “dragged across the street.” 

“If you spit on us, you’re going to the hospital and then jail. If you hit one of us, you’re going to the hospital, and jail, and most likely get bitten by one of our big, beautiful dogs,” the sheriff asserted. 

Ivey, who has served as Brevard County sheriff since 2013 and boasts 42 years in law enforcement, also noted that peaceful protests are allowed in Florida and that his deputies will ensure this constitutionally protected right is preserved. 

Florida Attorney General James Uthmeier kicked off the press conference by warning would-be demonstrators that Florida is the “anti-riot state,” and that “unlike California, we support law enforcement.” 

The Florida officials’ remarks come as California struggles with a wave of looting and vandalism in protest of the Trump administration’s efforts to deport violent illegal aliens who may be hiding in the Golden State. 

“Border Patrol and ICE agents enforcing immigration law deserve protection from leftists trying to harm them,” Uthmeier said.  

“If the left doxes these agents, we will have their backs,” he added. “Whether you make the poor choice to riot or publish an agent’s personal information online to bring harm, you are committing a crime in Florida. We will find you and hold you accountable.” 

GOP Lawmaker Allegedly Used ‘joebidennnn69’ Account to Send Child Sex Material

Headline USA Editor
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GOP Lawmaker Allegedly Used ‘joebidennnn69’ Account to Send Child Sex Material

(Headline USA) A Republican member of the South Carolina House whom prosecutors say used the screen name “joebidennnn69” has been arrested and charged with 10 counts of distributing sexual abuse material involving children.

RJ May was arrested at his Lexington County home after a lengthy investigation and was ordered Thursday by a federal judge to remain jailed until his trial.

The three-term Republican is accused of using “joebidennnn69” to exchange 220 different files of toddlers and young children involved in sex acts on the Kik social media network for about five days in spring 2024, according to court documents that graphically detailed the videos.

Each charge carries a five-to-20 year prison sentence upon conviction and prosecutors suggested May could spend over a decade in prison if found guilty.

The files were uploaded and downloaded using May’s home Wi-Fi network and his cellphone, prosecutors said. Some were hidden by the use of a private network but others were directly linked to his internet addresses.

May says someone else could have used his Wi-Fi

At his arraignment, May’s lawyer suggested someone could have used the Wi-Fi password that was shown on a board behind a photo May’s wife may have posted online. Attorney Dayne Phillips also suggested investigators didn’t link each Kik message directly to May.

Prosecutors asked that May, 38, not be given bail because he lives at home with his wife and young children, and some of the files he is accused of sharing feature children of about the same age as his.

May investigated for paid sex in Colombia

Prosecutors said they also investigated whether May used a fake name to travel to Colombia three times after finding videos on his laptop of him allegedly having sex with three women. An agent from the Department of Homeland Security testified the women appeared to be underage and were paid. U.S. agents have not been able to locate the women.

Prosecutors said May created a Facebook account with his fake name and his internet history showed him switching between his real account and the fake one and even searching his primary opponent from the fake login.

Phillips, May’s lawyer, told the courtroom that no sexual images of toddlers or young children were found directly on his laptop or cellphone.

After spending the night in jail. May appeared in court Thursday in shorts and a T-shirt with his wrists and ankles in cuffs. After being ordered to stay in jail, he appeared to blow a kiss at his wife, who was at the hearing.

May’s political rise to the state House

After May’s election in 2020, he helped create the Freedom Caucus, a group of the House’s most conservative members who say mainstream House Republicans aren’t the true conservative heart of the GOP. He also helped the campaigns of Republicans running against GOP House incumbents.

“We as legislators have an obligation to insure that our children have no harm done to them,” May said in January 2024 on the House floor during a debate on transgender care for minors.

His son charmed the House in April 2021 when May brought him to visit for his third birthday and the boy practiced his parade wave around the chamber.

The Freedom Caucus released a statement Wednesday night saying they kicked May out of their group after his arrest.

May spent a quiet 2025 House session

Many of his onetime friends have distanced themselves from May as rumors of the investigation spread through the Statehouse. During the current session he could largely be seen at his corner desk in the back of the 124-seat chamber, mixing with very few colleagues.

The House Speaker suspended May from his seat after the indictment.

May’s lawyer suggested he could have been framed and asked the Homeland Security agent if she knew that May had a lot of political enemies.

“There are a fair amount of people who don’t like me either, Mr. Phillips,” agent Britton Lorenen replied.

Adapted from reporting by the Associated Press

Sen. Padilla Tries to Ambush Noem, Gets Taken Down by Feds

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Sen. Padilla Tries to Ambush Noem, Gets Taken Down by Feds

(Luis Cornelio, Headline USA) Sen. Alex Padilla, D-Calif., emulated anti-ICE rioters in Los Angeles when he apparently tried, and failed, to heckle Homeland Security Secretary Kristi Noem at a Friday press conference. 

Federal law enforcement agents quickly thwarted Padilla’s attempt to disrupt the government event. Viral videos captured Padilla’s voice interrupting Noem’s remarks and later advancing toward her without identifying himself.  

“Hands up! Hands up!” officers told Padilla.  

“I’m Senator Alex Padilla. I have a question for the secretary…” the senator replied, as officers forced him out. 

Another clip showed Padilla resisting detention and pushing agents as they attempted to handcuff him. He was ultimately shoved to the ground.

It is unclear why Padilla did not identify himself before attempting to approach Noem, a cabinet official who is guarded around the clock by the Federal Protective Service. 

Noem told Fox News she later spoke with Padilla for several minutes and even exchanged numbers. 

“We probably disagree on 90% of the topics but we agreed to exchanged [sic] phone numbers and we will continue to talk—that is the way it should be in this country,” Noem said. “I wish he would’ve acted that way in the beginning rather than creating a scene.” 

Padilla and other Democrats then took advantage of the incident to launch what appeared to be an orchestrated media campaign. 

Outside, a tearful Padilla quickly cast himself as a victim. 

“If this is how the administration responds to a senator to a question… you could only imagine what they’re doing to farmers… to day laborers out in the Los Angeles communities and throughout California,” the senator said.  

Though Padilla was not arrested, he could still face consequences. House Speaker Mike Johnson, R-La., urged the Senate to censure him, citing his actions as “wildly inappropriate.” 

“You don’t charge a sitting cabinet secretary,” Johnson said. “A sitting member of Congress should not act like that…that behavior at a minimum, it rises to the level of a censure.” 

Israel Starts Bombing Iran, IRGC Chief Reported Killed

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Israel Starts Bombing Iran, IRGC Chief Reported Killed

(Dave DeCamp, Antiwar.com) The Israeli military has begun bombing Iran, an attack that could provoke a major, catastrophic war in the region involving the US.

Heavy airstrikes have hit the Iranian capital of Tehran, and videos show plumes of smoke rising from the city. Photos also show damaged residential buildings, and deaths of women and children have been reported. Strikes have also hit several provinces across Iran.

The IDF said that it has launched “dozens” of airstrikes on Iran in an attack it said is targeting the country’s civilian nuclear program. Iran’s PressTV has reported that strikes hit the Natanz nuclear facility.

Israel has also targeted senior Iranian military officials, and Iranian reports say Hossein Salami, the commander of Iran’s Islamic Revolutionary Guard Corps, has been killed. The bombing has also killed several other senior IRGC officials and nuclear scientists.

The Mossad reportedly launched sabotage attacks against Iranian air defense systems and missile facilities that coincided with the Israeli airstrikes.

Israel has dubbed the operation the “Nation of Lions.” The Israeli military is also warning that Iran could launch a major counterattack against Israeli territory and said that its operation against Iran could last several days.

“Following the State of Israel’s preemptive strike against Iran, a missile and drone attack against the State of Israel and its civilian population is expected in the immediate future,” said Israeli Defense Minister Israel Katz.

US Secretary of State Marco Rubio said in a statement that Israel has taken “unliateral action” against Iran and claimed the US wasn’t involved. “Israel advised us that they believe this action was necessary for its self-defense. President Trump and the Administration have taken all necessary steps to protect our forces and remain in close contact with our regional partners. Let me be clear: Iran should not target US interests or personnel,” Rubio said.

Media reports have said that Iran planned to attack without US backing, but CBS News reported that the Trump administration was weighing options regarding how to support Israeli military action. According to Israel’s Channel 12, the US participated in a campaign to lull Iran into thinking an attack was not going to happen immediately.

In a video statement, Israeli Prime Minister Benjamin Netanyahu thanked President Trump for his “steadfast stance” on Iran.

The bombing began hours after President Trump said that an Israeli attack on Iran could happen soon, although he claimed that he still wanted to pursue a nuclear deal with Tehran despite his repeated demand that Iran must eliminate its nuclear enrichment program, which is a non-starter for Tehran.

Previous reports said that Israel was considering bombing Iran to sabotage the diplomacy between the US and Iran. The attacks come as there is no evidence that Tehran is working toward a nuclear weapon, which is the consensus of the US intelligence community.

This article originally appeared at Antiwar.com.

Bill Cracking Down on Fentanyl-Related Drugs Passes House, Heads to Trump’s Desk

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Bill Cracking Down on Fentanyl-Related Drugs Passes House, Heads to Trump’s Desk

(Thérèse Boudreaux, The Center Square)   The Republican-sponsored HALT Fentanyl Act, a bill cracking down on fentanyl and related substances, passed the House in a bipartisan 321-104 vote Thursday.

The bill, reintroduced in February by Sen. Bill Cassidy, R-La., permanently classifies fentanyl and fentanyl-related substances as Schedule I drugs under the Controlled Substances Act.

It codifies actions taken by the Drug Enforcement Administration under President Donald Trump in 2018. Fentanyl was previously a Schedule II drug, meaning it is highly addictive but has legitimate medical uses, such as pain management. Schedule I drugs, such as heroin and LSD, are classified as having no accepted medical use and a high potential for abuse.

Although fentanyl is illegal nationwide, traffickers currently skirt the law by making slightly altered versions of the drug, which are still highly potent but chemically modified just enough to avoid being classified as fentanyl. The HALT Fentanyl Act, once signed into law by President Donald Trump, will close that loophole.

“Proud to once again support this vital legislation!” Rep. Stephanie Bice, R-Okla., said on X following the vote. “We must close legal loopholes which currently allow cartels and criminals to distribute dangerous variants of this lethal drug.”

Additionally, the HALT Fentanyl Act also increases maximum penalties for traffickers and distributors of fentanyl or chemically analogous substances.

Opponents of the legislation, including the 103 Democrats and 1 Republican who voted no, claimed it could exacerbate racial prejudice in the justice system and hamper the development of fentanyl overdose treatments. They also argued that the fentanyl crisis should be addressed through the lens of public health, not criminal justice.

Rep. Jahana Hayes, D-Conn., called the bill “a dangerous & ineffective approach to a public health crisis, doubling down on mandatory minimum prison sentences and ignoring treatment and recovery,” in an X post following the vote.

The National Sheriff’s Association has endorsed the legislation.

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