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senate Bill S. 1562

Does the U.S. Need to Sanction Businesses That Trade With and Enable North Korea?

Argument in favor

The U.S. needs to use every diplomatic and economic tool at its disposal to prevent North Korea from starting a nuclear war. Preventing entities that currently trade with North Korea from doing business in the U.S. will apply needed pressure on China to help bring the North Korean regime in line.

Jennifer's Opinion
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08/10/2017
The U.S. needs to use every diplomatic and economic tool at its disposal to prevent North Korea from starting a nuclear war. Preventing that currently trade with North Korea from doing business in the U.S. will apply needed pressure on China to help bring the North Korean regime in line.
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Dusty's Opinion
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08/10/2017
We need to pursue economic sanctions before using blustery and provocative language regarding military strikes. No responsible person would employ threats before we have had a chance to evaluate the effectiveness of sanctions.
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Liam's Opinion
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08/10/2017
The only way to destroy North Korea without the burden of war is to destroy their economy. And anyone who gives them money should have to either cut off trade ties with them, or face the consequences of being sanctioned.
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Argument opposed

The North Korean regime hasn’t cooperated with the U.S. and the international community after previous rounds of sanctions were put in place. Increasing sanctions on Chinese businesses that are the largest importers of North Korean goods may antagonize the Chinese government.

Zachary's Opinion
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08/10/2017
We can't afford to agitate China on top of all of the other chaos in the world.
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TuckerWantsLiberty's Opinion
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08/10/2017
No! That is enough bickering, children! Leave them alone! North Korea ought be of no concern to us! Stop making them one! Don't you DARE get us into another war! We haven't finished our last ones yet!
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Frank's Opinion
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08/10/2017
The world is approaching North Korea the wrong way. China is one of the few countries to have good relations with North Korea and also one of the few to have trade with them. To solve the North Korea problem once and for all requires opening up trade with North Korea even only in the form of them selling goods here. Countries don't attack trading partners because the People in those countries have a vested interest in continuing to sell to People in the would-be-attacked country. Free trade stops wars. It lowers costs and raises income of the poorer countries and the buying power of the richer ones. We went thru this process with China and today China is no threat to the United States nor vice versa. The same principles can and will work with North Korea.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
    IntroducedJuly 13th, 2017

What is Senate Bill S. 1562?

This bill would prohibit the North Korean government, its affiliates, and entities that do business with it from using the U.S. financial system, in addition to blocking all transactions involving such entities. Sanctions would also be extended to the top 10 Chinese companies that import North Korean goods. No goods made with North Korean labor would be permitted to enter the U.S., as would products from entities implicated in North Korean labor trafficking.

The Securities and Exchange Commission (SEC) would be directed to create regulations within 270 days that require all issuers of stock and other securities to disclose annually any investments the issuer makes in North Korea.

The president would be allowed to waive these sections if they determine that doing so would be in the national security interest of the U.S. and provide relevant congressional committees with a report on the determination and the reasons for it. The president would also be able to waive sanctions to allow for humanitarian assistance for renewable periods of between 30 days and one year.

Impact

Businesses and entities that do business with North Korea; Chinese importers of North Korean goods; the SEC; and the president.

Cost of Senate Bill S. 1562

A CBO cost estimate is unavailable.

More Information

In-DepthSponsoring Sen. Cory Gardner (R-CO) introduced this bill to ban entities that do business with North Korea or its enablers from using the U.S. financial system and sanction all those participating in North Korean labor trafficking abuses:

“With its latest successful test of an intercontinental ballistic missile, North Korea has demonstrated intent and capability to hit the U.S. homeland – and as President Trump said, we must never allow this to happen. We must take every diplomatic and economic measure now to stop North Korea and to prevent nuclear war. My bipartisan legislation gives those that currently conduct trade with North Korea a clear choice – either do business with this heinous outlaw regime or do business with the world’s leading economic and military power.”

One of the bill’s original cosponsors, Sen. Ed Markey (D-MA), added:

“There is no military solution to the threat of a nuclear North Korea. We must utilize direct negotiations with Pyongyang alongside increased economic sanctions pressure fro, China to bring the Kim regime to the table and ultimately rid the Korean Peninsula of nuclear weapons. These negotiations could offer the prospect of engaging North Korea in line with international norms by ending horrific human rights abuses, including labor trafficking.”

This bill has the support of seven bipartisan cosponsors in the Senate, including five Republicans and two Democrats.


Media:

Summary by Eric Revell

(Photo Credit: alexkuehni via iStock)

AKA

North Korean Enablers Accountability Act of 2017

Official Title

A bill to impose sanctions with respect to the Government of the Democratic People's Republic of Korea and any enablers of the activities of that Government, and for other purposes.

    The U.S. needs to use every diplomatic and economic tool at its disposal to prevent North Korea from starting a nuclear war. Preventing that currently trade with North Korea from doing business in the U.S. will apply needed pressure on China to help bring the North Korean regime in line.
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    We can't afford to agitate China on top of all of the other chaos in the world.
    Like (24)
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    Most of the posts here are in favor of sanctions, even against Chinese businesses. The problem with sanctions is they tend to hurt the average person more than the government because these kind of countries do not care much for their citizenry. All the techniques advocated today are methods of manipulation to get what you want. I do not much like being manipulated into doing someone's bidding; how about you? I think a statesman or woman with real diplomatic skill (don't know if there is anyone in this admin) needs to sit down with the Chinese and discuss strategies that work for both countries concerning North Korea. After brainstorming, sit down with other countries in the region and do the same. Sanctions hurt the little people and the real way to win over a country is to win over the people. If America had given aid, food, education and medical support and training to the Iraqi people and showed them sincere goodwill that would have been so much more powerful than invading under false pretenses, which helped fuel terrorism in the region. Our response to world crises continues to be immature, ego based responses, which we know from our experience does not work long term. Of course, we have an ego-driven person in the White House demonstrating the immaturity of such responses daily. We need inspired, talented leadership. People who are unafraid of intimate and intelligent discourse. I have met such people, but they usually are humble and therefore not interested in being involved in politics. John Kerry is one of these types, but I think we need someone a bit younger who can think out of the box. The more connection there is between people and governments of various countries, the more community is fostered, the more respect and understanding occurs, which leads to a willingness to solve world problems together. This is necessary to build trust where right now there is so much suspicion.
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    We need to pursue economic sanctions before using blustery and provocative language regarding military strikes. No responsible person would employ threats before we have had a chance to evaluate the effectiveness of sanctions.
    Like (25)
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    The only way to destroy North Korea without the burden of war is to destroy their economy. And anyone who gives them money should have to either cut off trade ties with them, or face the consequences of being sanctioned.
    Like (24)
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    No! That is enough bickering, children! Leave them alone! North Korea ought be of no concern to us! Stop making them one! Don't you DARE get us into another war! We haven't finished our last ones yet!
    Like (18)
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    The world is approaching North Korea the wrong way. China is one of the few countries to have good relations with North Korea and also one of the few to have trade with them. To solve the North Korea problem once and for all requires opening up trade with North Korea even only in the form of them selling goods here. Countries don't attack trading partners because the People in those countries have a vested interest in continuing to sell to People in the would-be-attacked country. Free trade stops wars. It lowers costs and raises income of the poorer countries and the buying power of the richer ones. We went thru this process with China and today China is no threat to the United States nor vice versa. The same principles can and will work with North Korea.
    Like (16)
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    If only Trump hadn't hollowed out and crippled the State Department Then we would have had some professional advice instead of pure political guessing
    Like (10)
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    Right now, Donald Trump is one of North Korea's chief enablers.
    Like (9)
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    If we know that China and/or Russia are providing North Korea with the means to hurt us then they should be held responsible as well.
    Like (6)
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    North Korea hasn’t, and won’t listen to any sanctions we place on them, but it is our job to try every angle possible!! If we want them to stop, then we’re gonna have to take the initiative to cripple their economy!! Former President Bill Clinton payed North Korea $5 billion so they would stop their nuclear program, and look how that went! America must make everybody choose! Either North Korea and their brainwashed citizens, or the powerhouse of the world!!
    Like (5)
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    North Korea can do what it does to its citizens because countries like China help them. We need to hold them accountable for enabling atrocities.
    Like (4)
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    Let's try it the old fashioned Game of Thrones way. Kim seems lonely. Let's offer up Princess Tiffany to be his wife since Ivanka is already married and they consider themselves royals anyway.
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    I do believe that holding US companies accountable to the N Korea sanction is needed if they are breaking the law this way. It honestly shocks me. Sanctions will eventually begin to hurt them economically in a severe way. I think this approach will lead to peace talks. We have UN support. China is supporting us and doing what they can to get the point across to Kim Jong Un. He is jeopardizing his people his country and himself. If he launches a nuclear warhead at Guam or the US mainland the US can wipe Pyongyang off the face of the earth. Furthermore he knows that we would not attack them unless he continues his threats along with continued testing. I honestly think he's a paper tiger. But he isn't a stable personality. We should prepare for the worst. Now, we need our President to shut up with his aggressive rhetoric. He's just a paper tiger too at this point. Idiot. He's like a matador waving a red flag at a bull.
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    I need to give this more thought and do some more research on this. My gut tells me that we should tread carefully here. China 🇨🇳 didn't HAVE to vote the same as the United States on enacting UN sanctions against North Korea! I'll come back to this issue later.
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    None of the sanctions nor our blustering has deterred N. Korea yet. We have beat our chests, threatened, embargoed but have not as yet done more than slowed the progress of their nuclear program. All we have done is reinforce their belief that we are the enemy and nuclear weapons are their only viable deterrent against US agression. What I've seen and heard in the last few days tends to make me believe that the longer we go down this path the harder N. Korea's resolve will become. When our leader (Trump) is as bellicose and is as unpredictable as Kim appeared to be it makes Kim's behavior appeared to be more understandable. N. Korea cannot depend on reasonable adversaries they may be as deranged as we once believed Kim to be and their actions may be as unpredictable and as dangerous to N. Korea as Trump's rants threat. If we want security in Asia we need to stop doing the same things and threatening the same actions then expecting the a different results. We need to do something different if we want a different result. N. Korea already has nuclear weapons and will soon have a viable ICBM complete with a nuclear warhead. We need to accept that as fact. We have convinced them that we are an unpredictable enemy, they will not give up nuclear weapons. They have a conventional military that could do much damage without nuclear weapons. We, the US, S. Korea, Japan, China and Russia, must find away to defuse the military standoff on the Korean Peninsula. We need no more inflammatory rhetoric or tweets from anyone. This is a situation calling for sane, reasonable, diplomacy. If Donald Trump cannot learn to play well with others he needs to have no part. If he continues to inflame an already volatile climate we need to lock him in his bedroom in the Trump Tower without Internet access until adults resolve this crisis. If any persons on Guam are harmed because of the comments that he has already made he needs to be held accountable legally.
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    How about we get rid of the idiot before he ruins all of our foreign relations.....
    Like (3)
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    We need to try every form of diplomacy we can to end this conflict. We do not want to regret not trying any and every tactic that prevents nuclear war. My god this is 2017, are we really discussing this?! It's certainly surreal.
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    Thanks glad something is being done. Nora Mooney
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    How many companies trade with North Korea? And will we be able to sanction Chinese companies trading with North Korea? Why not blockade their ports? I think that would be more effective.
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