Otto Warmbier Banking Restrictions Involving North Korea Act of 2017

Bill: 115-s-1591
Sponsor: Sen. Van Hollen, Chris [D-MD]
Introduced: 2017-07-19 in the Senate
Policy area: International Affairs
Subjects: Arms control and nonproliferation
Asia
Bangladesh
Bank accounts, deposits, capital
Banking and financial institutions regulation
Chemical and biological weapons
Civil actions and liability
Congressional oversight
Criminal investigation, prosecution, interrogation
Detention of persons
Diplomacy, foreign officials, Americans abroad
Employee benefits and pensions
Financial services and investments
Foreign aid and international relief
Foreign and international banking
Foreign loans and debt
Foreign property
Fraud offenses and financial crimes
Industrial facilities
International monetary system and foreign exchange
Legislative rules and procedure
Licensing and registrations
Multilateral development programs
North Korea
Nuclear weapons
Sanctions
State and local finance
Technology transfer and commercialization
Trade restrictions
U.S. and foreign investments
United Nations

Summary:
action_date: 2017-07-19
text: 

Banking Restrictions Involving North Korea (BRINK) Act of 2017

 
This bill requires the President to: (1) submit to Congress a list of financial institutions that are providing financial or banking support to the government of North Korea; (2) impose specified financial and asset blocking sanctions on an institution that has knowingly engaged in such conduct, and (3) impose specified civil penalties upon a U.S. institution based upon whether it has taken steps to prevent a recurrence of such conduct. 
 
The President: (1) may suspend, renew, or terminate sanctions subject to prior congressional notification and review; and (2) may not take an action if Congress enacts a joint resolution of disapproval of such action.
 
The President shall prohibit, with specified exceptions, transactions involving the manufacture, sale, purchase, transfer, import, or export of certain North Korean goods, services, or technology (covered property) by a U.S. person or such transactions that are conducted in the United States.
 
The President may impose specified sanctions with respect to: (1) persons providing specialized financial messaging services to North Korean financial institutions or sanctioned persons, and (2) governments that fail to take specified actions against North Korean financial institutions or persons designated under a United Nations Security Council resolution.
 
A state or local government may divest its assets from, or prohibit investment of its assets in, any person engaging in investment activities involving North Korean covered property valued at more than $10,000. 
 
The bill expresses the sense of Congress with respect to: (1) blocking of property of North Korean officials, (2) divestiture of certain employee benefit plan funds involving North Korean covered property, and (3) the Kaesong Industrial Complex and North Korean nuclear disarmament.


Legislative actions:
action_date: 2018-01-30
text: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.
action_date: 2018-01-18
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2017-11-16
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 263.
action_date: 2017-11-16
text: Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with an amendment in the nature of a substitute. Without written report.
action_date: 2017-11-16
text: Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with an amendment in the nature of a substitute. Without written report.
action_date: 2017-11-07
text: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
action_date: 2017-09-28
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2017-09-07
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2017-07-19
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2017-07-19
text: Introduced in Senate