Financial Services Committee Passes Barr’s Bipartisan North Korea Sanctions Bill

Members on both sides of the aisle support imposing the most severe financial sanctions ever on Pyongyang.

October 12, 2017

Congressman Andy Barr’s (KY-06) legislation, H.R. 3898, the Impeding North Korea’s Access to Finance Act of 2017, was passed unanimously today by the House Financial Services Committee.  During yesterday’s debate of the legislation, which would impose the most far-reaching sanctions ever directed at Pyongyang, both Republican and Democratic members of the committee praised the bill.

Click here to watch Congressman Barr’s opening statement followed by the full committee debate on H.R. 3898.

Key statements from the committee debate:

Committee on Financial Services Chairman Jeb Hensarling (R-TX): “I believe when this bill becomes law, this clearly builds upon existing U.N. and U.S. sanctions and will make it more difficult for North Korea to develop their nuclear weapons program.  So it is an important bill, I appreciate the bipartisan work done on it, and I urge all members to support it.”

Committee on Financial Services Ranking Member Maxine Waters (D-CA): “The first crisis is the alarming, rapid acceleration of North Korea’s nuclear and long-range missile programs that have led many lawmakers to believe that the U.S. needs a concerted increase in sanctions pressure, one that could threaten Kim Jong-un’s very hold on power. H.R. 3898 would provide precisely this kind of a new approach to North Korea…”

Congressman Roger Williams (R-TX), Vice Chairman, Monetary Policy and Trade Subcommittee: “We have a great responsibility to each and every American to do all that we can to keep the citizens of this great nation safe. With H.R. 3898, members of this committee can do their part in shutting down Kim’s illicit weapons programs.  I urge all of my colleagues to support this legislation.”

Congresswoman Gwen Moore (D-WI), Ranking Member, Monetary Policy and Trade Subcommittee: “I want to join others in thanking Chairman Barr on the Monetary Policy and Trade Subcommittee, and all the colleagues on that subcommittee, and the colleagues on the Terrorism and Illicit Financing Subcommittee, for working on a bipartisan basis for this important legislation to impose strong secondary sanctions on North Korea.”

Congressman Robert Pittenger (R-NC): “Mr. Barr’s legislation sends a strong message to North Korea that the U.S. Congress objects to their irrational and dangerous behavior.”

Congresswoman Carolyn Maloney (D-NY): “North Korea’s recklessness threatens the stability of the region and the entire world.  We have to do everything in our power to stop them.  This includes tough new sanctions as well as secondary financial sanctions to cripple their finances – and that’s precisely what this bill would do… This is a really vital bill that addresses the most pressing issue facing our country.  I’d like to thank my friend, Mr. Barr and all the people who work for him, on this important bill.”

Congressman Denny Heck (D-WA): “I am pleased to add my voice in support of H.R. 3898 not only for the contribution I am optimistic it will make in slowing North Korea’s development of nuclear weapons, but because frankly, of the way the bill has come together.  Crafting this bill through regular order, with both hearings and an open markup, and in a strong bipartisan manner, and not simply waiving our jurisdiction… I tip my hat to Congressman Barr in this regard.”