U.S. Sen. Pat Toomey pushing bills on Chinese fentanyl sanctions, small business investment – News – The Times

U.S. Sen. Pat Toomey has partnered with Democratic colleagues on two separate bills this month, one that would impose sanctions on China for failing to stem fentanyl production and another to help small businesses attract investors.

Toomey, R-Lehigh County, first teamed with Senate Minority Leader Chuck Schumer, D-N.Y., on the Fentanyl Sanctions Act, which applies pressure on China to follow through on its commitment to crack down on fentanyl production and exports.

“Illicit fentanyl has inflicted severe suffering on Pennsylvania families and communities,” Toomey said in a joint statement. “I am committed to holding responsible those who export this poison to our country.”

On April 1, the Chinese government announced that it would apply its drug laws to all variants of fentanyl, a change Toomey and other American officials have long lobbied for, citing the flow of Chinese-produced fentanyl into this country.

“China’s new law to make all fentanyl categories illegal is an important step and the administration deserves praise for their efforts to secure this change,” Schumer said. “However, we have to demonstrate that we will demand China enforce these laws and take strong action against opioid traffickers.”

The bill imposes sanctions on drug manufacturers in China that provide synthetic opioids to traffickers and criminal organizations to be used in fentanyl production, as well as impose sanctions on financial institutions that help them; urges President Donald Trump to pursue diplomatic negotiations with nations to create sanctions against foreign opioid traffickers; and establishes a Commission on Synthetic Opioid Trafficking to monitor domestic efforts combatting fentanyl smuggling, especially from China and Mexico.

Last week, Toomey joined with U.S. Sen. Chris Murphy, D-Conn., on the Helping Angels Lead our Startups (HALOS) Act to encourage investments in burgeoning companies.

A joint release from the senators said that business entrepreneurs attend conferences that allow them to showcase their companies to potential private investors, known as “angel investors,” and venture capitalists.

The release said that angel investors account for an estimated 90 percent of outside equity to get startups going. However, recent regulations have hindered angel investors from attending these conferences and the legislation proposed by Toomey and Murphy would reopen those channels.

“My brothers and I used our savings to open restaurants in the Lehigh Valley and Lancaster. We worked day and night to make them a success and eventually created hundreds of jobs,” Toomey said. “Entrepreneurs face a unique set of risks and challenges when starting a business. By expanding access to capital, startups are better equipped to immediately innovate, hire more workers and, ultimately, succeed.”

Murphy said startups are creating jobs throughout his state and loosening the regulations tying the hands of investors is detrimental to growth. “Entrepreneurs should be able to realize their dream of starting a business, and investors should be able to back these businesses without a bunch of unnecessary roadblocks in their way,” he said.

Also, in late March Toomey and U.S. Sen. Chris Coons, D-Del., introduced the NICS Denial Notification Act, which would require that federal authorities notify state police within 24 hours when someone lies while attempting to purchase guns.

Toomey joined with several colleagues in March 2018 to introduce a previous version of the bill.