,,ii #aaeth ,,congress #ast ,session ,s4 #aeia ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #ai1 #bjag ,mr4 ,van ,hollen 7for himself and ,mr4 ,toomey7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to impose sanctions with respect to the ,democratic ,people's ,republic of ,korea1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,banking ,restrictions ,involving ,north ,korea 7,,brink7 ,act of #bjag4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,findings4 ,sec4 #c4 ,definitions4 ,,title ,i--,financial requirements and sanctions relating to transactions involving ,north ,korea ,sec4 #aja4 ,sanctions with respect to financial institutions providing support to the ,government of ,north ,korea4 ,sec4 #ajb4 ,expansion of licensing requirements for transactions in ,north ,korean covered property4 ,sec4 #ajc4 ,authorization of imposition of sanctions with respect to the provision of specialized financial messaging services to ,north ,korean financial institutions and sanctioned persons4 ,sec4 #ajd4 ,authorization of imposition of sanctions with respect to governments that fail to comply with ,united ,nations ,security ,council sanctions against ,north ,korea4 ,sec4 #aje4 ,grants to conduct research on financial networks and financial methods of the ,government of ,north ,korea4 ,sec4 #ajf4 ,report on use by the ,government of ,north ,korea of beneficial ownership rules to access the international financial system4 ,sec4 #ajg4 ,sense of ,congress on identification and blocking of property of ,north ,korean officials4 ,sec4 #ajh4 ,sense of ,congress regarding the ,kaesong ,industrial ,complex4 ,,title ,,ii--,divestment from ,north ,korea ,sec4 #bja4 ,authority of ,state and local governments to divest from companies that invest in ,north ,korea4 ,sec4 #bjb4 ,safe harbor for changes of investment policies by asset managers4 ,sec4 #bjc4 ,sense of ,congress regarding certain ,,erisa plan investments4 ,sec4 #bjd4 ,rule of construction4 ,,title ,,iii--,general authorities ,sec4 #cja4 ,rulemaking4 ,sec4 #cjb4 ,authority to consolidate reports4 ,sec4 #cjc4 ,rule of construction4 #b4 ,findings ,congress finds the following3 7#a7 ,since #bjjf1 the ,united ,nations ,security ,council has approved #e resolutions imposing sanctions against ,north ,korea under chapter ,,vii of the ,united ,nations ,charter1 which-- 7,a7 prohibit the use1 development1 and proliferation of weapons of mass destruction by the ,government of ,north ,korea2 7,b7 prohibit the transfer of arms and related materiel to or by the ,government of ,north ,korea2 7,c7 prohibit the transfer of luxury goods to ,north ,korea2 7,d7 restrict access by the ,government of ,north ,korea to the financial system and require due diligence on the part of financial institutions to prevent the financing of proliferation involving the ,government of ,north ,korea2 7,e7 restrict ,north ,korean shipping1 including the reflagging of ships owned or controlled by the ,government of ,north ,korea2 7,f7 limit the sale by the ,government of ,north ,korea of precious metals1 iron1 coal1 vanadium1 and rare earth minerals2 and 7,g7 prohibit the transfer to ,north ,korea of rocket1 aviation1 or jet fuel4 7#b7 ,the ,government of ,north ,korea has threatened to carry out nuclear attacks against the ,united ,states and ,south ,korea and has sent clandestine agents to kidnap or murder the citizens of foreign countries and murder dissidents in exile4 7#c7 ,the ,federal ,bureau of ,investigation has determined that the ,government of ,north ,korea was responsible for cyberattacks against the ,united ,states and ,south ,korea4 7#d7 ,in ,february #bjaf1 the ,director of ,national ,intelligence reported that the ,government of ,north ,korea is committed to developing a long-range1 nuclear-armed missile that is capable of posing a direct threat to the ,united ,states and some arms control experts have estimated that the ,government of ,north ,korea may acquire this capability by #bjbj4 7#e7 ,the ,government of ,north ,korea tested its #eth and largest nuclear device on ,september #i1 #bjaf4 7#f7 ,the ,government of ,north ,korea has increased the pace of its missile testing1 including the test of a submarine-launched ballistic missile1 potentially furthering the development of capability to attack the ,united ,states with a nuclear weapon4 7#g7 ,financial transactions and investments that provide financial resources to the ,government of ,north ,korea1 and that fail to incorporate adequate safeguards against the misuse of those financial resources1 pose an undue risk of contributing to-- 7,a7 weapons of mass destruction programs of that government2 and 7,b7 prohibited imports or exports of arms and related materiel1 services1 or technology by that government4 7#h7 ,the strict enforcement of sanctions is essential to the efforts by the international community to achieve the peaceful1 complete1 verifiable1 and irreversible dismantlement of weapons of mass destruction programs of the ,government of ,north ,korea4 #c4 ,definitions ,in this ,act3 7#a7 ,applicable ,executive order2 applicable ,united ,nations ,security ,council resolution2 ,government of ,north ,korea2 ,north ,korea ,the terms applicable ,executive order1 applicable ,united ,nations ,security ,council resolution1 ,government of ,north ,korea1 and ,north ,korea have the meanings given those terms in section #c of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibjb74 7#b7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs and the ,committee on ,foreign ,relations of the ,senate2 and 7,b7 the ,committee on ,financial ,services and the ,committee on ,foreign ,affairs of the ,house of ,representatives4 7#c7 ,knowingly ,the term knowingly1 with respect to conduct1 a circumstance1 or a result1 means that a person has actual knowledge1 or should have known1 of the conduct1 the circumstance1 or the result4 7#d7 ,north ,korean covered property 7,a7 ,in general ,the term ,north ,korean covered property includes any goods1 services1 or technology-- 7i7 that are in ,north ,korea2 7ii7 that are made with significant amounts of ,north ,korean labor1 materials1 goods1 or technology2 7iii7 in which the ,government of ,north ,korea or a ,north ,korean financial institution has a significant interest or exercises significant control2 or 7iv7 in which a designated person has a significant interest or exercises significant control4 7,b7 ,designated person ,in this paragraph1 the term designated person means a person who is designated under-- 7i7 an applicable ,executive order2 7ii7 an applicable ,united ,nations ,security ,council resolution2 or 7iii7 section #ajd of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibjd74 7#e7 ,north ,korean financial institution ,the term ,north ,korean financial institution includes-- 7,a7 any ,north ,korean financial institution1 as defined in section #c of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibjb72 7,b7 any financial agency1 as defined in section #ecab of title #ca1 ,united ,states ,code1 that is owned or controlled by the ,government of ,north ,korea2 7,c7 any money transmitting business1 as defined in section #eccj7;d7 of title #ca1 ,united ,states ,code1 that is owned or controlled by the ,government of ,north ,korea2 and 7,d7 any financial institution that is a joint venture between any person and the ,government of ,north ,korea4 7#f7 ,secretary ,unless otherwise specified1 the term ,secretary means the ,secretary of the ,treasury4 7#g7 ,united ,states financial institution ,the term ,united ,states financial institution means a financial institution that-- 7,a7 is a ,united ,states person1 regardless of where the person operates2 or 7,b7 operates or does business in the ,united ,states1 including by conducting wire transfers through correspondent banks in the ,united ,states4 7#h7 ,united ,states person ,the term ,united ,states person means-- 7,a7 a citizen or resident of the ,united ,states or a national of the ,united ,states 7as defined in section #aja7;a7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaja7;a7772 and 7,b7 an entity that is organized under the laws of the ,united ,states or any jurisdiction within the ,united ,states1 including a foreign subsidiary of such an entity4 ,i ,financial requirements and sanctions relating to transactions involving ,north ,korea #aja4 ,sanctions with respect to financial institutions providing support to the ,government of ,north ,korea 7a7 ,report on noncompliant financial institutions 7#a7 ,in general ,not later than #fj days after the date of the enactment of this ,act1 and every #ahj days thereafter1 the ,president shall submit to the appropriate congressional committees and publish in the ,federal ,register a report that contains a list of any financial institutions that the ,president has identified as having engaged in1 during the one-year period preceding the submission of the report1 the following conduct3 7,a7 ,dealing in ,north ,korean covered property4 7,b7 ,providing correspondent or interbank services to one or more ,north ,korean financial institutions4 7,c7 ,failing to apply enhanced due diligence to prevent ,north ,korean financial institutions from gaining access to correspondent or interbank services in the ,united ,states or provided by ,united ,states persons4 7,d7 ,knowingly operating or participating with or on behalf of an offshore ,united ,states dollar clearing system that conducts transactions involving the ,government of ,north ,korea or ,north ,korean covered property4 7,e7 ,conducting or facilitating one or more significant transactions in ,north ,korean covered property involving covered goods 7as that term is defined in section #ajbg4ajj of title #ca1 ,code of ,federal ,regulations1 or any successor regulation7 or the currency of a country other than the country in which the person is operating at the time of the transaction4 7#b7 ,form of report ,each report required under paragraph 7#a7 shall be submitted in unclassified form but may contain a classified annex4 7b7 ,imposition of sanctions 7#a7 ,in general ,if the ,president determines that a financial institution identified under subsection 7a7 has knowingly engaged in conduct described in that subsection1 the ,president shall apply the following sanctions with respect to that financial institution3 7,a7 ,prohibit the designation of the financial institution1 or the continuation of any prior designation of the financial institution1 as a primary dealer in ,united ,states ,government debt instruments4 7,b7 ,prohibit the financial institution from serving as agent of the ,united ,states ,government or as a repository for funds of the ,united ,states ,government4 7,c7 ,one or more of the following3 7i7 ,prohibit the opening1 and prohibit or impose strict conditions on the maintaining1 in the ,united ,states of any correspondent account or payable-through account by the financial institution if the financial institution is a foreign financial institution4 7ii7 ,prohibit any transactions in foreign exchange that are subject to the jurisdiction of the ,united ,states and in which the financial institution has any interest4 7iii7 ,in accordance with the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq471 block and prohibit all transactions in all property and interests in property of the financial institution if such property and interests in property are in the ,united ,states1 come within the ,united ,states1 or are or come within the possession or control of a ,united ,states person4 7#b7 ,civil penalties ,if the ,president determines that a financial institution identified under subsection 7a7 that is a ,united ,states financial institution has knowingly engaged in conduct described in that subsection-- 7,a7 if the financial institution has taken reasonable steps to prevent a recurrence of conduct described in that subsection and is cooperating fully with the efforts of the ,president to enforce the provisions of this ,act-- 7i7 unless the financial institution is described in clause 7ii71 the ,president shall impose a civil penalty not to exceed #ajj1jjj for each reportable act described in subparagraphs 7,a7 through 7,e7 of subsection 7a77#a7 that is knowingly conducted2 or 7ii7 if the financial institution has not previously been reported for similar conduct under subsection 7a71 the ,president shall issue a cautionary letter to that financial institution2 or 7,b7 if the financial institution is not a financial institution described in subparagraph 7,a71 the ,president shall impose a civil penalty not to exceed #bej1jjj for each reportable act described in subparagraphs 7,a7 through 7,e7 of subsection 7a77#a7 that is knowingly conducted4 7c7 ,suspension for law enforcement purposes ,the ,president may suspend the submission of the reports described in subsection 7a7 and the application of sanctions and penalties described in subsection 7b7 for a one-year period if-- 7#a7 such reporting and application of sanctions and penalties could compromise an ongoing law enforcement investigation or prosecution2 or 7#b7 a criminal prosecution is pending1 or a criminal or civil fine or penalty has been imposed or conditionally deferred1 for the conduct reported pursuant to subsection 7a74 7d7 ,suspension and termination of sanctions and penalties 7#a7 ,suspension ,the ,president may suspend the application of any sanctions or penalties under subsection 7b7 for a period of not more than one year if the ,president certifies to the appropriate congressional committees that the ,government of ,north ,korea is taking steps toward-- 7,a7 the verification of its compliance with applicable ,united ,nations ,security ,council ,resolutions2 and 7,b7 fully accounting for and repatriating ,united ,states citizens and permanent residents 7including deceased ,united ,states citizens and permanent residents7-- 7i7 abducted or unlawfully held captive by the ,government of ,north ,korea2 or 7ii7 detained in violation of the ,agreement ,concerning a ,military ,armistice in ,korea1 signed at ,panmunjom ,july #bg1 #aiec 7commonly referred to as the ,korean ,war ,armistice ,agreement74 7#b7 ,renewal of suspension ,the ,president may renew a suspension described in paragraph 7#a7 for additional periods of not more than #ahj days if the ,president certifies to the appropriate congressional committees that the ,government of ,north ,korea continues to take steps as described in paragraph 7#a74 7#c7 ,termination of sanctions ,subject to subsection 7f71 the ,president may terminate the application of any sanctions or penalties under subsection 7b7 if the ,president certifies that the ,government of ,north ,korea has made significant progress towards-- 7,a7 completely1 verifiably1 and irreversibly dismantling all of its nuclear1 chemical1 biological1 and radiological weapons programs1 including all programs for the development of systems designed in whole or in part for the delivery of such weapons2 and 7,b7 fully accounting for and repatriating ,united ,states citizens and permanent residents 7including deceased ,united ,states citizens and permanent residents7-- 7i7 abducted or unlawfully held captive by the ,government of ,north ,korea2 or 7ii7 detained in violation of the ,agreement ,concerning a ,military ,armistice in ,korea1 signed at ,panmunjom ,july #bg1 #aiec 7commonly referred to as the ,korean ,war ,armistice ,agreement74 7e7 ,waiver ,subject to subsection 7f71 the ,president may waive the application of sanctions or penalties under subsection 7b7 with respect to a financial institution if the ,president determines that the waiver is in the national security interest of the ,united ,states4 7f7 ,congressional review of proposed actions ,to waive or terminate sanctions 7#a7 ,submission to ,congress of proposed action 7,a7 ,in general ,notwithstanding any other provision of law1 before taking any action described in subparagraph 7,b71 the ,president shall submit to the appropriate congressional committees and leadership a report that describes the proposed action and the reasons for that action4 7,b7 ,actions described ,an action described in this subparagraph is-- 7i7 an action to suspend1 renew a suspension1 or terminate under subsection 7d7 the application of sanctions or penalties under subsection 7b72 or 7ii7 with respect to sanctions or penalties under subsection 7b7 imposed by the ,president with respect to a person1 an action to waive under subsection 7e7 the application of those sanctions or penalties with respect to that person4 7,c7 ,description of type of action ,each report submitted under subparagraph 7,a7 with respect to an action described in subparagraph 7,b7 shall include a description of whether the action-- 7i7 is not intended to significantly alter ,united ,states foreign policy with regard to ,north ,korea2 or 7ii7 is intended to significantly alter ,united ,states foreign policy with regard to ,north ,korea4 7,d7 ,inclusion of additional matter 7i7 ,in general ,each report submitted under subparagraph 7,a7 that relates to an action that is intended to significantly alter ,united ,states foreign policy with regard to ,north ,korea shall include a description of-- 7,i7 the significant alteration to ,united ,states foreign policy with regard to ,north ,korea2 7,,ii7 the anticipated effect of the action on the national security interests of the ,united ,states2 and 7,,iii7 the policy objectives for which the sanctions affected by the action were initially imposed4 7ii7 ,requests from ,banking and ,financial ,services committees ,the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate or the ,committee on ,financial ,services of the ,house of ,representatives may request the submission to the ,committee of the matter described in subclauses 7,,ii7 and 7,,iii7 of clause 7i7 with respect to a report submitted under subparagraph 7,a7 that relates to an action that is not intended to significantly alter ,united ,states foreign policy with regard to ,north ,korea4 7#b7 ,period for review by ,congress 7,a7 ,in general ,during the period of #cj calendar days beginning on the date on which the ,president submits a report under paragraph 7#a77;,a7-- 7i7 in the case of a report that relates to an action that is not intended to significantly alter ,united ,states foreign policy with regard to ,north ,korea1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives should1 as appropriate1 hold hearings and briefings and otherwise obtain information in order to fully review the report2 and 7ii7 in the case of a report that relates to an action that is intended to significantly alter ,united ,states foreign policy with regard to ,north ,korea1 the ,committee on ,foreign ,relations of the ,senate and the ,committee on ,foreign ,affairs of the ,house of ,representatives should1 as appropriate1 hold hearings and briefings and otherwise obtain information in order to fully review the report4 7,b7 ,exception ,the period for congressional review under subparagraph 7,a7 of a report required to be submitted under paragraph 7#a77;,a7 shall be #fj calendar days if the report is submitted on or after ,july #aj and on or before ,september #g in any calendar year4 7,c7 ,limitation on actions during initial congressional review period ,notwithstanding any other provision of law1 during the period for congressional review provided for under subparagraph 7,a7 of a report submitted under paragraph 7#a77;,a7 proposing an action described in paragraph 7#a77;,b71 including any additional period for such review as applicable under the exception provided in subparagraph 7,b71 the ,president may not take that action unless a joint resolution of approval with respect to that action is enacted in accordance with paragraph 7#c74 7,d7 ,limitation on actions during presidential consideration of a joint resolution of disapproval ,notwithstanding any other provision of law1 if a joint resolution of disapproval relating to a report submitted under paragraph 7#a77;,a7 proposing an action described in paragraph 7#a77;,b7 passes both ,houses of ,congress in accordance with paragraph 7#c71 the ,president may not take that action for a period of #ab calendar days after the date of passage of the joint resolution of disapproval4 7,e7 ,limitation on actions during congressional reconsideration of a joint resolution of disapproval ,notwithstanding any other provision of law1 if a joint resolution of disapproval relating to a report submitted under paragraph 7#a77;,a7 proposing an action described in paragraph 7#a77;,b7 passes both ,houses of ,congress in accordance with paragraph 7#c71 and the ,president vetoes the joint resolution1 the ,president may not take that action for a period of #aj calendar days after the date of the ,president's veto4 7,f7 ,effect of enactment of a joint resolution of disapproval ,notwithstanding any other provision of law1 if a joint resolution of disapproval relating to a report submitted under paragraph 7#a77;,a7 proposing an action described in paragraph 7#a77;,b7 is enacted in accordance with paragraph 7#c71 the ,president may not take that action4 7#c7 ,joint resolutions of disapproval or approval 7,a7 ,joint resolutions of disapproval or approval defined ,in this paragraph3 7i7 ,joint resolution of approval ,the term joint resolution of approval means only a joint resolution of either ,house of ,congress-- 7,i7 the title of which is as follows3 ,a joint resolution approving the ,president's proposal to take an action relating to the application of certain sanctions with respect to ,north ,korea42 and 7,,ii7 the sole matter after the resolving clause of which is the following3 ,congress approves of the action relating to the application of sanctions imposed with respect to ,north ,korea proposed by the ,president in the report submitted to ,congress under section #aja7;f77#a77;,a7 of the ,banking ,restrictions ,involving ,north ,korea 7,,brink7 ,act of #bjag on relating to 41 with the first blank space being filled with the appropriate date and the second blank space being filled with a short description of the proposed action4 7ii7 ,joint resolution of disapproval ,the term joint resolution of disapproval means only a joint resolution of either ,house of ,congress-- 7,i7 the title of which is as follows3 ,a joint resolution disapproving the ,president's proposal to take an action relating to the application of certain sanctions with respect to ,north ,korea42 and 7,,ii7 the sole matter after the resolving clause of which is the following3 ,congress disapproves of the action relating to the application of sanctions imposed with respect to ,north ,korea proposed by the ,president in the report submitted to ,congress under section #aja7;f77#a77;,a7 of the ,banking ,restrictions ,involving ,north ,korea 7,,brink7 ,act of #bjag on relating to 41 with the first blank space being filled with the appropriate date and the second blank space being filled with a short description of the proposed action4 7,b7 ,introduction ,during the period of #cj calendar days provided for under paragraph 7#b77;,a71 including any additional period as applicable under the exception provided in paragraph 7#b77;,b71 a joint resolution of approval or joint resolution of disapproval may be introduced-- 7i7 in the ,house of ,representatives1 by the majority leader or the minority leader2 and 7ii7 in the ,senate1 by the majority leader 7or the majority leader's designee7 or the minority leader 7or the minority leader's designee74 7,c7 ,floor consideration in ,house of ,representatives 7i7 ,reporting and discharge ,if a committee of the ,house of ,representatives to which a joint resolution of approval or joint resolution of disapproval has been referred has not reported the joint resolution within #aj calendar days after the date of referral1 that committee shall be discharged from further consideration of the joint resolution4 7ii7 ,proceeding to consideration ,beginning on the third legislative day after each committee to which a joint resolution of approval or joint resolution of disapproval has been referred reports the joint resolution to the ,house or has been discharged from further consideration of the joint resolution1 it shall be in order to move to proceed to consider the joint resolution in the ,house4 ,all points of order against the motion are waived4 ,such a motion shall not be in order after the ,house has disposed of a motion to proceed on the joint resolution4 ,the previous question shall be considered as ordered on the motion to its adoption without intervening motion4 ,the motion shall not be debatable4 ,a motion to reconsider the vote by which the motion is disposed of shall not be in order4 7iii7 ,consideration ,the joint resolution of approval or joint resolution of disapproval shall be considered as read4 ,all points of order against the joint resolution and against its consideration are waived4 ,the previous question shall be considered as ordered on the joint resolution to final passage without intervening motion except #b hours of debate equally divided and controlled by the sponsor of the joint resolution 7or a designee7 and an opponent4 ,a motion to reconsider the vote on passage of the joint resolution shall not be in order4 7,d7 ,consideration in the senate 7i7 ,committee referral ,a joint resolution of approval or joint resolution of disapproval introduced in the ,senate shall be-- 7,i7 referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs if the joint resolution relates to a report submitted under paragraph 7#a77;,a7 with respect to an action that is not intended to significantly alter ,united ,states foreign policy with regard to ,north ,korea2 and 7,,ii7 referred to the ,committee on ,foreign ,relations if the joint resolution relates to a report submitted under paragraph 7#a77;,a7 with respect to an action that is intended to significantly alter ,united ,states foreign policy with respect to ,north ,korea4 7ii7 ,reporting and discharge ,if the committee to which a joint resolution of approval or joint resolution of disapproval was referred has not reported the joint resolution within #aj calendar days after the date of referral of the joint resolution1 that committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be placed on the appropriate calendar4 7iii7 ,proceeding to consideration ,notwithstanding ,rule ,,xxii of the ,standing ,rules of the ,senate1 it is in order at any time after the ,committee on ,banking1 ,housing1 and ,urban ,affairs or the ,committee on ,foreign ,relations1 as the case may be1 reports a joint resolution of approval or joint resolution of disapproval to the ,senate or has been discharged from consideration of such a joint resolution 7even though a previous motion to the same effect has been disagreed to7 to move to proceed to the consideration of the joint resolution1 and all points of order against the joint resolution 7and against consideration of the joint resolution7 are waived4 ,the motion to proceed is not debatable4 ,the motion is not subject to a motion to postpone4 ,a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order4 7iv7 ,rulings of the chair on procedure ,appeals from the decisions of the ,chair relating to the application of the rules of the ,senate1 as the case may be1 to the procedure relating to a joint resolution of approval or joint resolution of disapproval shall be decided without debate4 7v7 ,consideration of veto messages ,debate in the ,senate of any veto message with respect to a joint resolution of approval or joint resolution of disapproval1 including all debatable motions and appeals in connection with the joint resolution1 shall be limited to #aj hours1 to be equally divided between1 and controlled by1 the majority leader and the minority leader or their designees4 7,e7 ,rules relating to senate and ,house of ,representatives 7i7 ,coordination with action by other ,house ,if1 before the passage by one ,house of a joint resolution of approval or joint resolution of disapproval of that ,house1 that ,house receives an identical joint resolution from the other ,house1 the following procedures shall apply3 7,i7 ,the joint resolution of the other ,house shall not be referred to a committee4 7,,ii7 ,with respect to the joint resolution of the ,house receiving the joint resolution from the other ,house-- 7aa7 the procedure in that ,house shall be the same as if no joint resolution had been received from the other ,house2 but 7bb7 the vote on passage shall be on the joint resolution of the other ,house4 7ii7 ,treatment of a joint resolution of other ,house ,if one ,house fails to introduce a joint resolution of approval or joint resolution of disapproval1 a joint resolution of approval or joint resolution of disapproval of the other ,house shall be entitled to expedited procedures in that ,house under this subsection4 7iii7 ,treatment of ,house joint resolution in ,senate ,if1 following passage of a joint resolution of approval or joint resolution of disapproval in the ,senate1 the ,senate receives an identical joint resolution from the ,house of ,representatives1 that joint resolution shall be placed on the appropriate ,senate calendar4 7iv7 ,application to revenue measures ,the provisions of this subparagraph shall not apply in the ,house of ,representatives to a joint resolution of approval or joint resolution of disapproval that is a revenue measure4 7,f7 ,rules of house of representatives and senate ,this paragraph is enacted by ,congress-- 7i7 as an exercise of the rulemaking power of the ,senate and the ,house of ,representatives1 respectively1 and as such is deemed a part of the rules of each ,house1 respectively1 but applicable only with respect to the procedure to be followed in that ,house in the case of a joint resolution of approval or joint resolution of disapproval1 and supersedes other rules only to the extent that it is inconsistent with such rules2 and 7ii7 with full recognition of the constitutional right of either ,house to change the rules 7so far as relating to the procedure of that ,house7 at any time1 in the same manner1 and to the same extent as in the case of any other rule of that ,house4 7g7 ,briefing required ,not later than #ahj days after the date of the enactment of this ,act1 and every #ahj days thereafter1 the ,president shall brief the appropriate congressional committees on the status of efforts by the ,president to prevent conduct described in subparagraphs 7,a7 through 7,e7 of subsection 7a77#a74 7h7 ,rule of construction ,nothing in this section shall be construed to prohibit any person from1 or authorize or require the imposition of sanctions with respect to any person for1 conducting or facilitating any transaction for the sale or donation of agricultural commodities1 food1 medicine1 or medical devices4 7i7 ,appropriate congressional committees and leadership defined ,in this section1 the term appropriate congressional committees and leadership means-- 7#a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,foreign ,relations1 and the majority and minority leaders of the ,senate2 and 7#b7 the ,committee on ,financial ,services1 the ,committee on ,foreign ,affairs1 and the ,speaker1 the majority leader1 and the minority leader of the ,house of ,representatives4 #ajb4 ,expansion of licensing requirements for transactions in ,north ,korean covered property 7a7 ,license required 7#a7 ,in general ,except as provided in paragraph 7#b71 not later than #ahj days after the date of the enactment of this ,act1 the ,president shall prescribe regulations prohibiting any transaction involving the manufacture1 sale1 purchase1 transfer1 import1 or export of ,north ,korean covered property by a ,united ,states person or conducted in the ,united ,states4 7#b7 ,exception 7,a7 ,in general ,except as provided in subparagraph 7,b71 the ,secretary may grant licenses and permits for the following purposes3 7i7 ,for any purpose covered by an exemption or waiver under section #bjh of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibbh71 including humanitarian1 diplomatic1 consular1 law enforcement1 and other purposes4 7ii7 ,to import food products into ,north ,korea if such food products are not defined as luxury goods4 7iii7 ,to meet an urgent and compelling humanitarian need4 7iv7 ,for activities to promote human rights in ,north ,korea1 the development of private agriculture and markets in ,north ,korea1 and the free flow of information to1 from1 and within ,north ,korea4 7v7 ,to import agricultural products1 medicine1 or medical devices into ,north ,korea if such products1 medicine1 or devices are classified as designated ,,ear #ii under subchapter ,c of chapter ,,vii of title #ae1 ,code of ,federal ,regulations1 or any successor regulations 7commonly known as the ,export ,administration ,regulations71 and not controlled under-- 7,i7 the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 ,app4 #bdja et seq471 as continued in effect under the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq472 7,,ii7 the ,arms ,export ,control ,act 7#bb ,u4,s4,c4 #bgea et seq472 7,,iii7 part ,b of title ,,viii of the ,nuclear ,proliferation ,prevention ,act of #aiid 7#bb ,u4,s4,c4 #fcja et seq472 or 7,,iv7 the ,chemical and ,biological ,weapons ,control and ,warfare ,elimination ,act of #aiia 7#bb ,u4,s4,c4 #efja et seq474 7,b7 ,exception ,the ,secretary may not grant a license or permit under subparagraph 7,a7 for an activity described in section #ajd7;a7 of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibad7;a774 7b7 ,penalties 7#a7 ,in general ,a person shall be fined not more than #e1jjj1jjj1 imprisoned for not more than #bj years1 or both1 if the person knowingly-- 7,a7 engages in a transaction described in subsection 7a77#a71 except pursuant to a license or permit granted under this section or regulations prescribed pursuant to this section2 or 7,b7 evades a requirement to obtain a license or permit under this section or a regulations prescribed pursuant to this section4 7#b7 ,forfeiture of property ,any property1 real or personal1 that is involved in a transaction that is a violation of subsection 7a77#a71 is involved in an attempt to conduct such a transaction1 or constitutes or is derived from proceeds traceable to such a transaction1 is subject to forfeiture to the ,united ,states4 7c7 ,report required 7#a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 and annually thereafter1 the ,president shall submit to the appropriate congressional committees a report listing any licenses or permits granted under subsection 7a74 7#b7 ,form ,each report required under paragraph 7#a7 shall be submitted in unclassified form but may include a classified annex4 7#c7 ,public availability ,not later than #cj days after the submission of a report under paragraph 7#a71 the ,secretary of the ,treasury and the ,secretary of ,state shall each publish the unclassified part of the report on a publicly available ,internet website of the ,department of the ,treasury and the ,department of ,state1 as the case may be4 7d7 ,termination of requirements ,the ,president may terminate the prohibition on transactions described in subsection 7a7 and the imposition of penalties under subsection 7b7 if the ,president submits to the appropriate congressional committees the certification described in section #djb of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibeb74 7e7 ,modification of definition of specified unlawful activity for money laundering purposes ,section #aief7;c77#g77;,d7 of title #ah1 ,united ,states ,code1 is amended-- 7#a7 by striking or section #ajd7;a7 of and inserting section #ajd7;a7 of2 and 7#b7 by inserting before the semicolon at the end the following3 1 or section #ajb7;b7 of the ,banking ,restrictions ,involving ,north ,korea 7,,brink7 ,act of #bjag 7relating to transactions in certain ,north ,korean property74 #ajc4 ,authorization of imposition of sanctions with respect to the provision of specialized financial messaging services to ,north ,korean financial institutions and sanctioned persons 7a7 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 providers of specialized financial messaging services have been used as a critical link between the ,government of ,north ,korea and the international financial system2 7#b7 the ,financial ,action ,task ,force has repeatedly called for jurisdictions to apply countermeasures to protect the financial system from the risks of money laundering and proliferation financing emanating from ,north ,korea2 7#c7 credible published reports have implicated the ,government of ,north ,korea in stealing approximately #ha1jjj1jjj from the ,bangladesh ,bank and attempting to steal another #iea1jjj1jjj from other banks using a financial messaging service2 and 7#d7 directly providing specialized financial messaging services to1 or enabling or facilitating direct or indirect access to such messaging services for1 any financial institution designated by the ,united ,nations ,security ,council is inconsistent with applicable ,united ,nations ,security ,council resolutions4 7b7 ,authorization of imposition of sanctions ,the ,president may impose sanctions pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq47 with respect to a person if1 on or after the date that is #ij days after the date of the enactment of this ,act1 the person knowingly and directly provides specialized financial messaging services to1 or knowingly enables or facilitates direct or indirect access to such messaging services for-- 7#a7 a ,north ,korean financial institution2 7#b7 a person1 including a financial institution1 that is designated pursuant to-- 7,a7 an applicable ,executive order2 7,b7 an applicable ,united ,nations ,security ,council resolution2 or 7,c7 section #ajd of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibad72 or 7#c7 a person subject to sanctions under this ,act4 7c7 ,enabling or facilitating access to specialized financial messaging services ,for purposes of this section1 enabling or facilitating direct or indirect access to specialized financial messaging services to a person described in paragraph 7#a7 or 7#b7 of subsection 7b7 includes doing so by serving as an intermediary financial institution with access to such messaging services4 7d7 ,suspension and termination of sanctions 7#a7 ,suspension ,the ,president may suspend the application of any sanctions under subsection 7b7 for a period of not more than one year if the ,president certifies to the appropriate congressional committees that the ,government of ,north ,korea is taking steps toward-- 7,a7 the verification of its compliance with applicable ,united ,nations ,security ,council ,resolutions2 and 7,b7 fully accounting for and repatriating ,united ,states citizens and permanent residents 7including deceased ,united ,states citizens and permanent residents7-- 7i7 abducted or unlawfully held captive by the ,government of ,north ,korea2 or 7ii7 detained in violation of the ,agreement ,concerning a ,military ,armistice in ,korea1 signed at ,panmunjom ,july #bg1 #aiec 7commonly referred to as the ,korean ,war ,armistice ,agreement74 7#b7 ,renewal of suspension ,the ,president may renew a suspension described in paragraph 7#a7 for additional periods of not more than #ahj days if the ,president certifies to the appropriate congressional committees that the ,government of ,north ,korea continues to take steps as described in paragraph 7#a74 7#c7 ,termination of sanctions ,the ,president may terminate the application of any sanctions under subsection 7b7 if the ,president certifies that the ,government of ,north ,korea has made significant progress towards-- 7,a7 completely1 verifiably1 and irreversibly dismantling all of its nuclear1 chemical1 biological1 and radiological weapons programs1 including all programs for the development of systems designed in whole or in part for the delivery of such weapons2 and 7,b7 fully accounting for and repatriating ,united ,states citizens and permanent residents 7including deceased ,united ,states citizens and permanent residents7-- 7i7 abducted or unlawfully held captive by the ,government of ,north ,korea2 or 7ii7 detained in violation of the ,agreement ,concerning a ,military ,armistice in ,korea1 signed at ,panmunjom ,july #bg1 #aiec 7commonly referred to as the ,korean ,war ,armistice ,agreement74 #ajd4 ,authorization of imposition of sanctions with respect to governments that fail to comply with ,united ,nations ,security ,council sanctions against ,north ,korea 7a7 ,briefing required ,not later than #ij days after the date of the enactment of this ,act1 the ,president shall brief the appropriate congressional committees regarding each government of a foreign country that the ,president has identified as failing to-- 7#a7 close the branches1 subsidiaries1 or representative offices of ,north ,korean financial institutions in that country2 7#b7 expel representatives of ,north ,korean financial institutions2 7#c7 close the representative offices and expel the representatives of persons designated under applicable ,united ,nations ,security ,council resolutions2 7#d7 prohibit joint ventures with ,north ,korean financial institutions2 7#e7 deregister any vessel that constitutes ,north ,korean covered property2 or 7#f7 expel ,north ,korean nationals1 including diplomats1 working on behalf of persons designated under applicable ,united ,nations ,security ,council resolutions4 7b7 ,publication ,the ,secretary of the ,treasury shall publish in the ,federal ,register the names of each foreign country that has failed to carry out the activities described in paragraphs 7#a7 through 7#f7 of subsection 7a74 7c7 ,sanctions authorized ,with respect to any government of a foreign country included in the briefing under subsection 7a71 the ,president may1 until such time as the ,president determines that the government has taken substantial steps to terminate conduct described in that subsection1 impose one or more of the following sanctions with respect to that government3 7#a7 ,prohibit or curtail the export of any goods or technology to that foreign country pursuant to the authorities provided in section #f of the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 #dfje7 7as continued in effect pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq4774 7#b7 ,withhold assistance under the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baea et seq47 to that government4 7#c7 ,instruct the ,united ,states executive director at each international financial institution 7as defined in section #agja7;c7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c777 to use the voice and vote of the ,united ,states to oppose the provision of loans1 benefits1 or other use of the funds of the institution to that government4 7d7 ,rule of construction ,this section shall not be construed to limit the use of other sanctions authorities available to the ,president in response to conduct described in subsection 7a74 #aje4 ,grants to conduct research on financial networks and financial methods of the ,government of ,north ,korea 7a7 ,grants authorized 7#a7 ,in general ,the ,president1 acting through the ,attorney ,general1 the ,secretary of ,state1 the ,secretary of the ,treasury1 or the ,director of ,national ,intelligence1 may award grants to1 and enter into cooperative agreements with1 ,states1 units of local government1 nongovernmental organizations1 and relevant international organizations to further the purposes of this title and provide data to address the issues identified in section #b4 7#b7 ,research initiatives ,grants awarded and cooperative agreements entered into under paragraph 7#a7 shall include grants and agreements for the purpose of conducting research initiatives on the following3 7,a7 ,the methods used by the ,government of ,north ,korea to deal in1 transact in1 or conceal the ownership1 control1 or origin of ,north ,korean covered property4 7,b7 ,the relationship between proliferation by the ,government of ,north ,korea and the financial industry or financial institutions4 7,c7 ,the export by any person to the ,united ,states of ,north ,korean covered property4 7,d7 ,the involvement of any person in human trafficking involving citizens or nationals of ,north ,korea4 7,e7 ,information relating to transactions described in section #ajb7;a74 7,f7 ,information relating to activities described in section #ajd7;a74 7,g7 ,information relating to the identification1 blocking1 and release of property or proceeds described in section #ajg7;a74 7,h7 ,the effectiveness of law enforcement and diplomatic initiatives of ,federal1 ,state1 and foreign governments to comply with the provisions of applicable ,united ,nations ,security ,council resolutions4 7,i7 ,the effectiveness of compliance programs within the financial industry to ensure compliance with applicable ,united ,nations ,security ,council resolutions4 7b7 ,interagency coordination ,the ,president shall ensure that any information collected pursuant to subsection 7a7 is shared among the agencies involved in investigations described in section #ajb7;b7 of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibab74 7c7 ,authorization of appropriations ,there is authorized to be appropriated for each of fiscal years #bjah through #bjba such sums as may be necessary to carry out this section4 #ajf4 ,report on use by the ,government of ,north ,korea of beneficial ownership rules to access the international financial system 7a7 ,in general ,not later than ,november #aa1 #bjah1 the ,director of the ,financial ,crimes ,enforcement ,network of the ,department of the ,treasury shall submit to the appropriate congressional committees and publish in the ,federal ,register a report setting forth the findings of the ,director regarding how the ,government of ,north ,korea is using laws regarding beneficial ownership of property to access the international financial system4 7b7 ,elements ,the ,director shall include in the report required under subsection 7a7 proposals for such legislative and administrative action as the ,director considers appropriate4 #ajg4 ,sense of ,congress on identification and blocking of property of ,north ,korean officials 7a7 ,in general ,it is the sense of ,congress that the ,president should collaborate with the ,stolen ,asset ,recovery ,initiative of the ,world ,bank ,group and the ,united ,nations ,office on ,drugs and ,crime to prioritize the identification1 blocking1 and release for humanitarian purposes of-- 7#a7 any property owned or controlled by a ,north ,korean official2 or 7#b7 any significant proceeds of kleptocracy by the ,government of ,north ,korea or a ,north ,korean official4 7b7 ,north ,korean official defined ,in this section1 the term ,north ,korean official includes-- 7#a7 the individuals described in section #cjd7;a77#b77;,b7 of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibdc7;a77#b77;,b772 and 7#b7 such additional officials as the ,president may determine to be officials of the ,government of ,north ,korea4 #ajh4 ,sense of ,congress regarding the ,kaesong ,industrial ,complex 7a7 ,findings ,congress finds the following3 7#a7 ,on ,october #ad1 #bjjf1 the ,united ,nations ,security ,council adopted ,resolution #agah1 paragraph #h7;d7 of which requires member states of the ,united ,nations to ensure that persons under their jurisdiction prevent any funds1 financial assets1 and economic resources from being used by persons or entities engaged in or proving support for the nuclear1 chemical1 or biological weapons programs of ,north ,korea or the ballistic missile programs of ,north ,korea4 7#b7 ,on ,april #aa1 #bjaa1 the ,president signed ,executive ,order #acegj 7#ej ,u4,s4,c4 #agja note2 relating to prohibiting certain transactions with respect to ,north ,korea71 which prohibits the importation into the ,united ,states1 directly or indirectly1 of any goods1 services1 or technology from ,north ,korea1 except as provided in statute or in licenses1 regulations1 orders1 or directives that may be issued pursuant to that ,executive order4 7#c7 ,in ,april #bjac1 the ,under ,secretary of the ,treasury for ,terrorism and ,financial ,intelligence said1 in reference to the ,kaesong ,industrial ,complex1 ,precisely what ,north ,koreans do with earnings from ,kaesong1 ,i think1 is something that we are concerned about44 7#d7 ,in ,february #bjaf1 on announcing the suspension of operations at the ,kaesong ,industrial ,complex1 the ,unification ,ministry of the ,republic of ,korea stated that the ,government of ,north ,korea may have used the proceeds from the ,kaesong ,industrial ,complex to finance its nuclear weapons program4 7#e7 ,on ,november #cj1 #bjaf1 the ,united ,states ,security ,council approved ,resolution #bcba1 paragraph #cb of which requires member states of the ,united ,nations to prohibit public and private financial support for trade with ,north ,korea from within their territories or by persons subject to their jurisdiction1 including the granting of export credits1 guarantees1 or insurance to persons involved in such trade1 except as approved in advance by a committee appointed by the ,security ,council on a case-by-case basis4 7b7 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 the ,united ,states stands in solidarity with its ally in the ,republic of ,korea1 and has expressed that solidarity with the sacrifice of #cf1iad people of the ,united ,states and with the continued presence of #bi1ejj members of the ,armed ,forces of the ,united ,states in the ,republic of ,korea2 7#b7 the nuclear weapons program of ,north ,korea poses a grave and imminent threat to the freedom and security of both the ,united ,states and the ,republic of ,korea2 7#c7 the ,kaesong ,industrial ,complex yielded few1 if any1 apparent benefits with regard to the reform1 liberalization1 or disarmament of ,north ,korea2 7#d7 the unconditional provision of revenue from the ,kaesong ,industrial ,complex to the ,government of ,north ,korea undermines the financial pressure necessary to strict and effective enforcement of ,united ,nations ,security ,council sanctions2 7#e7 the strict and effective enforcement of ,united ,nations ,security ,council sanctions is the last plausible option to achieve the complete1 verifiable1 irreversible1 and peaceful nuclear disarmament of ,north ,korea2 and 7#f7 the ,kaesong ,industrial ,complex should not be reopened until the ,government of ,north ,korea has completely1 verifiably1 and irreversibly dismantled all of its nuclear1 chemical1 biological1 and radiological weapons programs1 including all programs for the development of systems designed in whole or in part for the delivery of such weapons4 ,,ii ,divestment from ,north ,korea #bja4 ,authority of ,state and local governments to divest from companies that invest in ,north ,korea 7a7 ,sense of ,congress ,it is the sense of ,congress that the ,united ,states should support the decision of any ,state or local government1 for moral1 prudential1 or reputational reasons1 to divest from1 or prohibit the investment of assets of the ,state or local government in1 a person that engages in investment activities involving ,north ,korean covered property if ,north ,korea is subject to economic sanctions imposed by the ,united ,states or the ,united ,nations ,security ,council4 7b7 ,authority ,to ,divest ,notwithstanding any other provision of law1 a ,state or local government may adopt and enforce measures that meet the requirements of subsection 7c7 to divest the assets of the ,state or local government from1 or prohibit investment of the assets of the ,state or local government in1 any person that the ,state or local government determines1 using credible information available to the public1 engages in investment activities involving ,north ,korean covered property of a value of more than #aj1jjj4 7c7 ,requirements ,any measure taken by a ,state or local government under subsection 7b7 shall meet the following requirements3 7#a7 ,notice ,the ,state or local government shall provide written notice to each person with respect to which a measure under this section is to be applied4 7#b7 ,timing ,the measure applied under this section shall apply to a person not earlier than the date that is #ij days after the date on which written notice under paragraph 7#a7 is provided to the person4 7#c7 ,opportunity to demonstrate compliance 7,a7 ,in general ,the ,state or local government shall provide to each person with respect to which a measure is to be applied under this section an opportunity to demonstrate to the ,state or local government that the person does not engage in investment activities in ,north ,korean covered property4 7,b7 ,nonapplication ,if a person with respect to which a measure is to be applied under this section demonstrates to the ,state or local government under subparagraph 7,a7 that the person does not engage in investment activities in ,north ,korean covered property1 the measure shall not apply to that person4 7#d7 ,sense of ,congress on avoiding erroneous targeting ,it is the sense of ,congress that a ,state or local government should not adopt a measure under subsection 7b7 with respect to a person unless the ,state or local government has-- 7,a7 made every effort to avoid erroneously targeting the person2 and 7,b7 verified that the person engages in investment activities in ,north ,korean covered property4 7d7 ,notice to ,department of ,justice ,not later than #cj days after a ,state or local government applies a measure under this section1 the ,state or local government shall notify the ,attorney ,general of that measure4 7e7 ,authorization for prior applied measures 7#a7 ,in general ,notwithstanding any other provision of this section or any other provision of law1 a ,state or local government may enforce a measure 7without regard to the requirements of subsection 7c71 except as provided in paragraph 7#b77 applied by the ,state or local government before the date of the enactment of this ,act that provides for the divestment of assets of the ,state or local government from1 or prohibits the investment of the assets of the ,state or local government in1 any person that the ,state or local government determines1 using credible information available to the public1 engages in investment activities in ,north ,korean covered property that are identified in that measure4 7#b7 ,application of notice requirements ,a measure described in paragraph 7#a7 shall be subject to the requirements of paragraphs 7#a71 7#b71 and 7#c77;,a7 of subsection 7c7 on and after the date that is two years after the date of the enactment of this ,act4 7f7 ,no preemption ,a measure applied by a ,state or local government authorized under subsection 7b7 or 7e7 is not preempted by any ,federal law4 7g7 ,definitions ,in this section3 7#a7 ,asset 7,a7 ,in general ,except as provided in subparagraph 7,b71 the term asset means public monies1 and includes any pension1 retirement1 annuity1 endowment fund1 or similar instrument1 that is controlled by a ,state or local government4 7,b7 ,exception ,the term asset does not include employee benefit plans covered by title ,i of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajja et seq474 7#b7 ,investment ,the term investment includes-- 7,a7 a commitment or contribution of funds or property2 7,b7 a loan or other extension of credit2 and 7,c7 the entry into or renewal of a contract for goods or services4 7h7 ,effective date 7#a7 ,in general ,except as provided in paragraph 7#b7 and subsection 7e71 this section applies to measures applied by a ,state or local government before1 on1 or after the date of the enactment of this ,act4 7#b7 ,notice requirements ,except as provided in subsection 7h71 subsections 7c7 and 7d7 apply to measures applied by a ,state or local government on or after the date of the enactment of this ,act4 #bjb4 ,safe harbor for changes of investment policies by asset managers 7a7 ,in general ,section #ac7;c77#a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#ac7;c77#a77 is amended-- 7#a7 in subparagraph 7,a7 by striking or at the end2 7#b7 in subparagraph 7,b7 by striking the period and inserting 2 or2 and 7#c7 by adding at the end the following3 7,c7 engage in investment activities involving ,north ,korean covered property1 as defined in section #c of the ,banking ,restrictions ,involving ,north ,korea 7,,brink7 ,act of #bjag4 4 7b7 ,securities and ,exchange ,commission regulations ,not later than #abj days after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall issue any revisions the ,securities and ,exchange ,commission determines to be necessary to the regulations requiring disclosure by each registered investment company that divests itself of securities in accordance with section #ac7;c7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#ac7;c771 including in accordance with paragraph 7#a77;,c7 of that section1 as added by subsection 7a77#c74 #bjc4 ,sense of ,congress regarding certain ,,erisa plan investments ,it is the sense of ,congress that-- 7#a7 a fiduciary of an employee benefit plan1 as defined in section #c7c7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajjb7c771 may divest plan assets from1 or avoid investing plan assets in1 any person the fiduciary determines engages in investment activities involving ,north ,korean covered property1 if-- 7,a7 the fiduciary makes that determination using credible information that is available to the public2 and 7,b7 the fiduciary prudently determines that the result of that divestment or avoidance of investment would not be expected to provide the employee benefit plan with-- 7i7 a lower rate of return than alternative investments with commensurate degrees of risk2 or 7ii7 a higher degree of risk than alternative investments with commensurate rates of return2 and 7#b7 by divesting assets or avoiding the investment of assets as described in paragraph 7#a71 the fiduciary is not breaching the responsibilities1 obligations1 or duties imposed upon the fiduciary by subparagraph 7,a7 or 7,b7 of section #djd7;a77#a7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #aajd7;a77#a774 #bjd4 ,rule of construction ,nothing in this ,act or any other provision of law authorizing sanctions with respect to ,north ,korea shall be construed to affect or displace-- 7#a7 the authority of a ,state or local government to issue and enforce rules governing the safety1 soundness1 and solvency of a financial institution subject to its jurisdiction2 or 7#b7 the regulation and taxation by the several ,states of the business of insurance1 pursuant to the ,act of ,march #i1 #aide 7#ei ,stat4 #cd1 chapter #bj2 #ae ,u4,s4,c4 #ajaa et seq47 7commonly known as the ,mc,carran-,ferguson ,act74 ,,iii ,general authorities #cja4 ,rulemaking ,the ,president may prescribe such rules and regulations as may be necessary to carry out this ,act4 #cjb4 ,authority to consolidate reports 7a7 ,in general ,any and all reports required to be submitted to the appropriate congressional committees under this ,act that are subject to a deadline for submission consisting of the same unit of time may be consolidated into a single report that is submitted pursuant to that deadline4 7b7 ,contents ,any reports consolidated under subsection 7a7 shall contain all information required under this ,act and any other elements that may be required by existing law4 #cjc4 ,rule of construction ,nothing in this ,act shall be construed to limit the authority or obligation of the ,president-- 7#a7 to apply the sanctions described in section #ajd of the ,north ,korea ,sanctions and ,policy ,enhancement ,act of #bjaf 7#bb ,u4,s4,c4 #ibad7 with regard to persons that meet the criteria for designation under such section2 or 7#b7 to exercise any other law enforcement authorities available to the ,president4