November 2, 2017
Lawmakers are moving forward on a new round of sanctions targeting North Korea.
The Otto Warmbier Banking Restrictions involving North Korea act of 2017 will strengthen existing U.S. sanctions, and introduce new measures.
Under the new rules all foreign financial institutions who do business with certain North Korean individuals will be targeted.
Lawmakers say the economic sanctions will pressure Pyongyang to give up its nuclear program.
Congress will also need to review the effectiveness of the sanctions regularly.
The Senate will act on the legislation next week.