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Bill115th CongressFiled Oct 2, 2017Finance and Financial Sector
H.R. 3898

Otto Warmbier North Korea Nuclear Sanctions Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Oct 24, 2017)

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.

What just happenedOct 25, 2017

Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

Who’s behind it

Rep. Barr, Andy [R-KY-6](R-KY)Sponsor
18 cosponsors9 D9 R
Read on Congress.gov
18cosponsors2committees20actions19subjects
  1. Oct 25, 2017IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

    Foreign Relations Committee
  2. Oct 24, 2017FloorH38800

    The title of the measure was amended. Agreed to without objection.

  3. Oct 24, 2017FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  4. Oct 24, 2017FloorH37300

    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)

  5. Oct 24, 2017Floor8000

    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)

  6. Oct 24, 2017FloorH30000

    Considered as unfinished business. (consideration: CR H8129-8130)

  7. Oct 24, 2017FloorH37220

    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.

  8. Oct 24, 2017FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 3898.

  9. Oct 24, 2017FloorH30000

    Considered under suspension of the rules. (consideration: CR H8099-8104)

  10. Oct 24, 2017FloorH30300

    Mr. Barr moved to suspend the rules and pass the bill, as amended.

  11. Oct 23, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 265.

  12. Oct 23, 2017CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-361.

    Financial Services Committee
  13. Oct 23, 2017Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-361.

    Financial Services Committee
  14. Oct 12, 2017Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.

    Financial Services Committee
  15. Oct 12, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  16. Oct 11, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  17. Oct 2, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  18. Oct 2, 2017IntroReferralIntro-H

    Introduced in House

  19. Oct 2, 2017IntroReferral1000

    Introduced in House

  20. Sep 13, 2017Committee

    Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Introduction and Referral.

    Financial Institutions and Monetary Policy Subcommittee
Passed House amendedOct 24, 201736

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.

Reported to House with amendment(s)Oct 23, 201717

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.

Introduced in HouseOct 2, 2017

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 "covered person" from opening or maintaining a correspondent account in the United States. "Covered person" 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.

Otto Warmbier North Korea Nuclear Sanctions Act — Informed