Otto Warmbier North Korea Nuclear Sanctions Act

Bill: 115-hr-3898
Sponsor: Rep. Barr, Andy [R-KY-6]
Introduced: 2017-10-02 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Arms control and nonproliferation
Asia
Bank accounts, deposits, capital
Civil actions and liability
Competitiveness, trade promotion, trade deficits
Congressional oversight
Department of the Treasury
Financial services and investments
Foreign and international banking
Foreign loans and debt
Fraud offenses and financial crimes
Government information and archives
Government lending and loan guarantees
International organizations and cooperation
Multilateral development programs
North Korea
Nuclear weapons
Sanctions

Summary:
action_date: 2017-10-02
text: 

Impeding North Korea's Access to Finance Act of 2017

 
This bill directs the Department of the Treasury to prohibit a foreign financial institution that knowingly provides significant financial services to a &quot;covered person&quot; from opening or maintaining a correspondent account in the United States. &quot;Covered person&quot; includes any person doing business with North Korea, a North Korean person employed outside North Korea, and any person that knowingly employs a North Korean person outside North Korea. The bill establishes civil and criminal penalties for violations.
 
Treasury must prohibit a U.S.-based financial institution from knowingly engaging in a significant transaction with a covered person. The bill establishes civil penalties for violations.
 
The bill amends the Bretton Woods Agreements Act to direct the United States to oppose international financial assistance for a foreign government that does not implement these sanctions against North Korea. The President may waive this directive after specified steps are taken.
 
The bill amends the Export-Import Bank Act to prohibit the bank from providing support to a covered person.
 
Treasury must report on compliance with this bill among financial institutions, including any penalties imposed and efforts by Treasury to support compliance.
 
The bill amends the International Financial Institutions Act to require Treasury to: (1) instruct the U.S. Executive Director at the International Monetary Fund (IMF) to support the use of the IMF's administrative budget for technical assistance that strengthens the capacity of IMF members to prevent money laundering and the financing of terrorism, and (2) report on the effectiveness of such assistance.
 
The President may suspend or terminate sanctions under this bill if certain steps regarding nonproliferation of weapons of mass destruction are taken by North Korea. 

action_date: 2017-10-23
text: 

Impeding North Korea's Access to Finance Act of 2017

 
(Sec. 3) This bill directs the Department of the Treasury to prohibit a foreign financial institution that knowingly provides significant financial services to a "covered person" from opening or maintaining a correspondent account in the United States. "Covered person" includes any person doing business with North Korea, any North Korean person employed outside North Korea (unless waived by Treasury), and any person that knowingly employs a North Korean person outside North Korea. The bill establishes civil and criminal penalties for violations.
 
Treasury must prohibit a U.S.-based financial institution from knowingly engaging in a significant transaction with a covered person. The bill establishes civil penalties for violations.
 
(Sec. 4) The bill amends the Bretton Woods Agreements Act to direct the United States to oppose international financial assistance for a foreign government that does not implement these sanctions against North Korea. The President may waive this directive after specified steps are taken.
 
The bill amends the Export-Import Bank Act to prohibit the bank from providing support to a covered person.
 
(Sec. 5) Treasury must report on compliance with this bill among financial institutions, including any penalties imposed and efforts by Treasury to support compliance.
 
The bill amends the International Financial Institutions Act to require Treasury to: (1) instruct the U.S. Executive Director at the International Monetary Fund (IMF) to support the use of the IMF's administrative budget for technical assistance that strengthens the capacity of IMF members to prevent money laundering and the financing of terrorism, and (2) report on the effectiveness of such assistance.
 
(Sec. 6) The President may suspend or terminate sanctions under this bill if certain steps regarding nonproliferation of weapons of mass destruction are taken by North Korea. 

action_date: 2017-10-24
text: 

Otto Warmbier North Korea Nuclear Sanctions Act

 
(Sec. 3) This bill directs the Department of the Treasury to prohibit a foreign financial institution that knowingly provides significant financial services to a "covered person" from opening or maintaining a correspondent account in the United States. "Covered person" includes any person doing business with North Korea, any North Korean person employed outside North Korea (unless waived by Treasury), and any person that knowingly employs a North Korean person outside North Korea. The bill establishes civil and criminal penalties for violations.
 
Treasury must prohibit a U.S.-based financial institution from knowingly engaging in a significant transaction with a covered person. The bill establishes civil penalties for violations.
 
(Sec. 4) The bill amends the Bretton Woods Agreements Act to direct the United States to oppose international financial assistance for a foreign government that does not implement these sanctions against North Korea. The President may waive this directive after specified steps are taken.
 
The bill amends the Export-Import Bank Act to prohibit the bank from providing support to a covered person.
 
(Sec. 5) Treasury must report on compliance with this bill among financial institutions, including any penalties imposed and efforts by Treasury to support compliance.
 
The bill amends the International Financial Institutions Act to require Treasury to: (1) instruct the U.S. Executive Director at the International Monetary Fund (IMF) to support the use of the IMF's administrative budget for technical assistance that strengthens the capacity of IMF members to prevent money laundering and the financing of terrorism, and (2) report on the effectiveness of such assistance.
 
(Sec. 6) The President may suspend or terminate sanctions under this bill if certain steps regarding nonproliferation of weapons of mass destruction are taken by North Korea. 


Legislative actions:
action_date: 2017-10-25
text: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
action_date: 2017-10-24
text: The title of the measure was amended. Agreed to without objection.
action_date: 2017-10-24
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2017-10-24
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 2 (Roll no. 581). (text: CR H8099-8100)
action_date: 2017-10-24
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 2 (Roll no. 581).(text: CR H8099-8100)
action_date: 2017-10-24
text: Considered as unfinished business. (consideration: CR H8129-8130)
action_date: 2017-10-24
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2017-10-24
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3898.
action_date: 2017-10-24
text: Considered under suspension of the rules. (consideration: CR H8099-8104)
action_date: 2017-10-24
text: Mr. Barr moved to suspend the rules and pass the bill, as amended.
action_date: 2017-10-23
text: Placed on the Union Calendar, Calendar No. 265.
action_date: 2017-10-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-361.
action_date: 2017-10-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-361.
action_date: 2017-10-12
text: Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.
action_date: 2017-10-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-11
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-02
text: Referred to the House Committee on Financial Services.
action_date: 2017-10-02
text: Introduced in House
action_date: 2017-10-02
text: Introduced in House
action_date: 2017-09-13
text: Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Introduction and Referral.