Legis Daily

Otto Warmbier Banking Restrictions Involving North Korea Act of 2017

USA115th CongressS-1591| Senate 
| Updated: 1/30/2018
Chris Van Hollen

Chris Van Hollen

Democratic Senator

Maryland

Cosponsors (15)
Mazie K. Hirono (Democratic)Catherine Cortez Masto (Democratic)Richard J. Durbin (Democratic)Elizabeth Warren (Democratic)Tom Cotton (Republican)Robert P. Casey (Democratic)Ted Cruz (Republican)Tim Scott (Republican)Jon Tester (Democratic)John Kennedy (Republican)Sherrod Brown (Democratic)Brian Schatz (Democratic)Patrick Toomey (Republican)Richard Blumenthal (Democratic)Mike Crapo (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.

Bill Text Versions

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Timeline
Jul 19, 2017
Introduced in Senate
Jul 19, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 7, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Sep 28, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Nov 7, 2017
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Nov 16, 2017
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with an amendment in the nature of a substitute. Without written report.
Nov 16, 2017
Placed on Senate Legislative Calendar under General Orders. Calendar No. 263.
Jan 18, 2018
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Jan 30, 2018
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.
  • July 19, 2017
    Introduced in Senate


  • July 19, 2017
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • September 7, 2017
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • September 28, 2017
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • November 7, 2017
    Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.


  • November 16, 2017
    Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with an amendment in the nature of a substitute. Without written report.


  • November 16, 2017
    Placed on Senate Legislative Calendar under General Orders. Calendar No. 263.


  • January 18, 2018
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • January 30, 2018
    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.

International Affairs

Related Bills

  • S 115-2080: A bill to increase the role of the financial industry in combating human trafficking.
Arms control and nonproliferationAsiaBangladeshBank accounts, deposits, capitalBanking and financial institutions regulationChemical and biological weaponsCivil actions and liabilityCongressional oversightCriminal investigation, prosecution, interrogationDetention of personsDiplomacy, foreign officials, Americans abroadEmployee benefits and pensionsFinancial services and investmentsForeign aid and international reliefForeign and international bankingForeign loans and debtForeign propertyFraud offenses and financial crimesIndustrial facilitiesInternational monetary system and foreign exchangeLegislative rules and procedureLicensing and registrationsMultilateral development programsNorth KoreaNuclear weaponsSanctionsState and local financeTechnology transfer and commercializationTrade restrictionsUnited NationsU.S. and foreign investments

Otto Warmbier Banking Restrictions Involving North Korea Act of 2017

USA115th CongressS-1591| Senate 
| Updated: 1/30/2018
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.

Bill Text Versions

View Text
2 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 19, 2017
Introduced in Senate
Jul 19, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 7, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Sep 28, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Nov 7, 2017
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Nov 16, 2017
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with an amendment in the nature of a substitute. Without written report.
Nov 16, 2017
Placed on Senate Legislative Calendar under General Orders. Calendar No. 263.
Jan 18, 2018
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Jan 30, 2018
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.
  • July 19, 2017
    Introduced in Senate


  • July 19, 2017
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • September 7, 2017
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • September 28, 2017
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • November 7, 2017
    Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.


  • November 16, 2017
    Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with an amendment in the nature of a substitute. Without written report.


  • November 16, 2017
    Placed on Senate Legislative Calendar under General Orders. Calendar No. 263.


  • January 18, 2018
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • January 30, 2018
    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.
Chris Van Hollen

Chris Van Hollen

Democratic Senator

Maryland

Cosponsors (15)
Mazie K. Hirono (Democratic)Catherine Cortez Masto (Democratic)Richard J. Durbin (Democratic)Elizabeth Warren (Democratic)Tom Cotton (Republican)Robert P. Casey (Democratic)Ted Cruz (Republican)Tim Scott (Republican)Jon Tester (Democratic)John Kennedy (Republican)Sherrod Brown (Democratic)Brian Schatz (Democratic)Patrick Toomey (Republican)Richard Blumenthal (Democratic)Mike Crapo (Republican)

Banking, Housing, and Urban Affairs Committee

International Affairs

Related Bills

  • S 115-2080: A bill to increase the role of the financial industry in combating human trafficking.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Arms control and nonproliferationAsiaBangladeshBank accounts, deposits, capitalBanking and financial institutions regulationChemical and biological weaponsCivil actions and liabilityCongressional oversightCriminal investigation, prosecution, interrogationDetention of personsDiplomacy, foreign officials, Americans abroadEmployee benefits and pensionsFinancial services and investmentsForeign aid and international reliefForeign and international bankingForeign loans and debtForeign propertyFraud offenses and financial crimesIndustrial facilitiesInternational monetary system and foreign exchangeLegislative rules and procedureLicensing and registrationsMultilateral development programsNorth KoreaNuclear weaponsSanctionsState and local financeTechnology transfer and commercializationTrade restrictionsUnited NationsU.S. and foreign investments