Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
116TH CONGRESS
1ST SESSION H. R. 4366
To require oversight of licenses involving financial services and the Democratic
People’s Republic of Korea, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER 17, 2019
Mr. RIGGLEMAN introduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To require oversight of licenses involving financial services
and the Democratic People’s Republic of Korea, and
for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘North Korea Banking
4
Oversight Act of 2019’’.
5
SEC. 2. OVERSIGHT OF LICENSES INVOLVING FINANCIAL
6
SERVICES AND THE DEMOCRATIC PEOPLE’S
7
REPUBLIC OF KOREA.
8
(a) IN GENERAL.—Not later than 180 days after the
9
date of the enactment of this Act, and every 180 days
10
VerDate Sep 11 2014
02:11 Sep 19, 2019
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4366.IH
H4366
kjohnson on DSK79L0C42 with BILLS
2
•HR 4366 IH
thereafter, the Secretary of the Treasury shall transmit
1
to the Committee on Financial Services of the House of
2
Representatives and the Committee on Banking, Housing,
3
and Urban Affairs of the Senate a report containing a
4
copy of any license issued by the Secretary in the pre-
5
ceding 180 days that authorizes a financial institution to
6
provide financial services benefitting any person sanc-
7
tioned pursuant to an applicable Executive Order or the
8
North Korea Sanctions and Policy Enhancement Act of
9
2016 (22 U.S.C. 9201 et seq.).
10
(b) FORM OF REPORT.—The report required under
11
subsection (a) shall be submitted in unclassified form but
12
may contain a classified annex.
13
SEC. 3. DEFINITIONS.
14
For purposes of this Act:
15
(1)
APPLICABLE
EXECUTIVE
ORDER.—The
16
term ‘‘applicable Executive Order’’ has the meaning
17
given that term under section 3 of the North Korea
18
Sanctions and Policy Enhancement Act of 2016 (22
19
U.S.C. 9202).
20
(2) FINANCIAL
INSTITUTION.—The term ‘‘fi-
21
nancial institution’’ means a United States financial
22
institution or a foreign financial institution.
23
(3) FOREIGN
FINANCIAL
INSTITUTION.—The
24
term ‘‘foreign financial institution’’ has the meaning
25
VerDate Sep 11 2014
02:11 Sep 19, 2019
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4366.IH
H4366
kjohnson on DSK79L0C42 with BILLS
3
•HR 4366 IH
given that term under section 510.309 of title 31,
1
Code of Federal Regulations.
2
(4) UNITED STATES FINANCIAL INSTITUTION.—
3
The term ‘‘United States financial institution’’ has
4
the meaning given the term ‘‘U.S. financial institu-
5
tion’’ under section 510.328 of title 31, Code of
6
Federal Regulations.
7
SEC. 4. SUNSET.
8
The reporting requirement under this Act shall termi-
9
nate on the date that is the end of the 7-year period begin-
10
ning on the date of the enactment of this Act.
11
Æ
VerDate Sep 11 2014
02:11 Sep 19, 2019
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H4366.IH
H4366
kjohnson on DSK79L0C42 with BILLS