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House Approves Bipartisan Financial Services Bills


Washington, Oct 24 -

The House on Tuesday passed two financial services bills with overwhelming bipartisan support.

H.R. 3898, the Otto Warmbier North Korea Nuclear Sanctions Act

Sponsored by Rep. Andy Barr (R-KY), the Otto Warmbier North Korea Nuclear Sanctions Act would impose secondary financial sanctions against North Korea. The legislation would also incentivize stricter sanctions enforcement by foreign countries, and require regular reports on sanctions implementation from the Department of the Treasury. This legislation includes Presidential waiver authorities that provide for sanctions relief if North Korea takes meaningful steps to limit its development and proliferation of weapons of mass destruction.

“The bill before us today represents the toughest set of financial sanctions ever directed against the nuclear armed North Korean regime – a regime that still represents a clear and present danger to the global community. Sanctions that our committee is bringing to the House today target foreign financial institutions that in some way are corrected to North Korea’s economic activity, activity that ultimately allows this rogue regime to both develop and proliferate weapons of mass destruction,” said Financial Services Committee Chairman Jeb Hensarling (R-TX) during debate on the floor.

“Under H.R. 3898, foreign financial institutions are confronted with a choice:  they can either do business that benefits North Korea or they can do business with the United States, but they cannot do both,” Chairman Hensarling added.

Rep. Barr said, “North Korea’s nuclear ambitions, illicit missile tests and other aggressive actions represent a threat to the national security of the United States and the world,” said Rep. Barr.  “The legislation passed by the House today would hold North Korea accountable by imposing the most far-reaching sanctions ever directed at Pyongyang, putting tremendous economic pressure on the Kim Jong-Un regime and its foreign enablers.  In doing so, we can deny North Korea the financing it needs to fund its nuclear and missile programs.  Clearly, the status quo is not working to change North Korea’s hostile behavior.  I appreciate the bipartisan support for my bill to change course and to give tougher sanctions on North Korea a chance to confront the Kim regime’s belligerence.”

The bill passed the House 415-2.

H.R. 3972, the Family Office Technical Correction Act of 2017

Sponsored by Rep. Carolyn Maloney (D-NY), H.R. 3972 clarifies that family offices and family clients are accredited investors under Regulation D of the Securities and Exchange Commission.

“From time to time there are unintended consequences of regulation. We do wish to ensure that these family offices that otherwise meet the definition of accredited investors have the full range of investment opportunities before them. This bill will do this,” said Chairman Hensarling.

The bill was approved by voice vote.