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.
Get AI-generated questions to help you understand this bill better
Timeline
Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Introduction and Referral.
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 265.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-361.
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H8099-8104)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3898.
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.
Considered as unfinished business. (consideration: CR H8129-8130)
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)
Motion to reconsider laid on the table Agreed to without objection.
The title of the measure was amended. Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Introduction and Referral.
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 265.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-361.
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H8099-8104)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3898.
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.
Considered as unfinished business. (consideration: CR H8129-8130)
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)
Motion to reconsider laid on the table Agreed to without objection.
The title of the measure was amended. Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Finance and Financial Sector
Administrative law and regulatory proceduresArms control and nonproliferationAsiaBank accounts, deposits, capitalCivil actions and liabilityCompetitiveness, trade promotion, trade deficitsCongressional oversightDepartment of the TreasuryFinancial services and investmentsForeign and international bankingForeign loans and debtFraud offenses and financial crimesGovernment information and archivesGovernment lending and loan guaranteesInternational organizations and cooperationMultilateral development programsNorth KoreaNuclear weaponsSanctions
Otto Warmbier North Korea Nuclear Sanctions Act
USA115th CongressHR-3898| House
| Updated: 10/25/2017
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.
Get AI-generated questions to help you understand this bill better
Timeline
Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Introduction and Referral.
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 265.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-361.
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H8099-8104)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3898.
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.
Considered as unfinished business. (consideration: CR H8129-8130)
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)
Motion to reconsider laid on the table Agreed to without objection.
The title of the measure was amended. Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Introduction and Referral.
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 265.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-361.
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H8099-8104)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3898.
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.
Considered as unfinished business. (consideration: CR H8129-8130)
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)
Administrative law and regulatory proceduresArms control and nonproliferationAsiaBank accounts, deposits, capitalCivil actions and liabilityCompetitiveness, trade promotion, trade deficitsCongressional oversightDepartment of the TreasuryFinancial services and investmentsForeign and international bankingForeign loans and debtFraud offenses and financial crimesGovernment information and archivesGovernment lending and loan guaranteesInternational organizations and cooperationMultilateral development programsNorth KoreaNuclear weaponsSanctions