The Hill | By: Sylvan Lane | September 16, 2017:
The House Financial Services Committee is considering a bill that would ban any foreign bank that does business with North Korea from the United States financial system.
The potential move comes as the North Korean government expands the scope and power of its missile program.
The Financial Services panel is exploring ways to further isolate North Korean leader Kim Jong Un by putting pressure on his allies to stop supporting the North Korean economy and military.
Committee members from both parties have expressed support for the Financial Services bill, currently circulating as a discussion draft, while other panels in both chambers of Congress work on their own offerings.
The bill could have massive economic implications for the United States and its relationship with China. But supporters say North Korea’s belligerent behavior and recent test of what appeared to be a hydrogen bomb requires a major response.
“More must be done to stop this rogue regime’s aggression and threats,” said Rep. Andy Barr (R-Ky.), chairman of the Financial Services subpanel on monetary policy and trade, during a Wednesday hearing on the bill.
“Foreign banks can either do business that benefits North Korea, or they can do business with the United States. They cannot do both.”
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