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Otto Warmbier North Korea Nuclear Sanctions Act of 2019

USA116th CongressHR-4084| House 
| Updated: 7/26/2019
Andy Barr

Andy Barr

Republican Representative

Kentucky

Cosponsors (2)
Steve Stivers (Republican)J. French Hill (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Otto Warmbier North Korea Nuclear Sanctions Act of 2019 This bill imposes financial sanctions and restrictions related to North Korea. The Department of the Treasury shall restrict correspondent and payable-through accounts that are used to facilitate significant transactions or provide services to sanctioned entities, specifically North Korean financial institutions, companies, and certain North Korean individuals, such as those named in certain executive orders. (Correspondent and payable-through accounts are often maintained by foreign financial institutions in U.S. banks to access the U.S. financial system.) Treasury shall use its vote and voice in international financial institutions, such as the International Monetary Fund (IMF), to oppose the provision of assistance by such institutions to governments that fail to enforce the sanctions provided under this bill. The Export-Import Bank may not guarantee, insure, or extend credit in relation to exports to entities sanctioned under this bill. Treasury shall support increasing use of the IMF administrative budget for technical assistance to help IMF members fight money laundering and funding for terrorism. Various sanctions and restrictions under this bill shall be suspended if the President certifies to Congress that (1) North Korea has committed to suspending its weapons of mass destruction programs and engaging in multilateral talks on limiting such programs, or (2) it is in U.S. national security interests to do so.
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Timeline

Bill from Previous Congress

HR 115-3898
Otto Warmbier North Korea Nuclear Sanctions Act
Jul 26, 2019
Introduced in House
Jul 26, 2019
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 115-3898
    Otto Warmbier North Korea Nuclear Sanctions Act


  • July 26, 2019
    Introduced in House


  • July 26, 2019
    Referred to the House Committee on Financial Services.

International Affairs

Related Bills

  • HR 116-2500: National Defense Authorization Act for Fiscal Year 2020
  • S 116-1790: National Defense Authorization Act for Fiscal Year 2020
  • HR 116-4367: Fight Illicit Finance through Technical Assistance Act of 2019
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 of 2019

USA116th CongressHR-4084| House 
| Updated: 7/26/2019
Otto Warmbier North Korea Nuclear Sanctions Act of 2019 This bill imposes financial sanctions and restrictions related to North Korea. The Department of the Treasury shall restrict correspondent and payable-through accounts that are used to facilitate significant transactions or provide services to sanctioned entities, specifically North Korean financial institutions, companies, and certain North Korean individuals, such as those named in certain executive orders. (Correspondent and payable-through accounts are often maintained by foreign financial institutions in U.S. banks to access the U.S. financial system.) Treasury shall use its vote and voice in international financial institutions, such as the International Monetary Fund (IMF), to oppose the provision of assistance by such institutions to governments that fail to enforce the sanctions provided under this bill. The Export-Import Bank may not guarantee, insure, or extend credit in relation to exports to entities sanctioned under this bill. Treasury shall support increasing use of the IMF administrative budget for technical assistance to help IMF members fight money laundering and funding for terrorism. Various sanctions and restrictions under this bill shall be suspended if the President certifies to Congress that (1) North Korea has committed to suspending its weapons of mass destruction programs and engaging in multilateral talks on limiting such programs, or (2) it is in U.S. national security interests to do so.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

HR 115-3898
Otto Warmbier North Korea Nuclear Sanctions Act
Jul 26, 2019
Introduced in House
Jul 26, 2019
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 115-3898
    Otto Warmbier North Korea Nuclear Sanctions Act


  • July 26, 2019
    Introduced in House


  • July 26, 2019
    Referred to the House Committee on Financial Services.
Andy Barr

Andy Barr

Republican Representative

Kentucky

Cosponsors (2)
Steve Stivers (Republican)J. French Hill (Republican)

Financial Services Committee

International Affairs

Related Bills

  • HR 116-2500: National Defense Authorization Act for Fiscal Year 2020
  • S 116-1790: National Defense Authorization Act for Fiscal Year 2020
  • HR 116-4367: Fight Illicit Finance through Technical Assistance Act of 2019
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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