Vote Smart's Synopsis:

Vote to pass a bill that authorizes new sanctions on North Korea.

Highlights:

• Prohibits any financial institution that is allied with the United States from participating in the following practices that work to benefit North Korea, including (Sec. 4):

• Guaranteeing, insuring, or extending credit; and

• Participating in the extension of credit in connection with the export of a good or service to a covered person.

• Specifies that an individual found to have violated the regulations prescribed under this act will be subject to a civil penalty between $250,000 and $1,000,000 or if a naturally born citizen, may be imprisoned for not more than 20 years (Sec. 3).

• Authorizes the President with the power to suspend on a case-by-case basis the application of any provision of this act for a period of no more than 180 days, if it is certified to Congress that (Sec. 6):

• The government of North Korea has suspended their proliferation and testing of weapons of mass destruction (WMD); or

• Have agreed to multilateral talks with the government of the United States with the goal of permanently and verifiably limiting North Korea’s WMD and ballistic missile programs.

• Defines “Covered Person” as the following, including, but not limited to (Sec. 7):

• Any North Korean person that facilitates the transfer of bulk cash or goods;

• Any North Korean financial institution;

• Any North Korean person employed outside of North Korea that has not seeked asylum or given refugee status by their country of employment.

• Any individual that facilitates the import of goods, services, technology, natural resources, and minerals from or to North Korea except for food, medicine or medical supplies required for humanitarian needs;

• Any individual that insures, registers, or maintains a vessel owned, controlled, or operated by a North Korean person; or

• Any individual that provides specialized teaching, training, or information that provides material or technological support that may contribute to North Korea’s development of WMD.

Full Bill Text

Full Bill Text