Description:
H.R. 1644 would require the President to expand existing sanctions and impose new sanctions against North Korea. The bill also would authorize the Department of State to provide rewards for information on violations of certain sanctions. Finally, the legislation would require preparation of several reports to the Congress on the implementation of the bill.
CBO estimates that implementing H.R. 1644 would cost $10 million over the 2017-2022 period, assuming appropriation of the estimated amounts. In addition, enacting the bill would increase revenues by $8 million and have insignificant effects on direct spending over the 2017-2027 period. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues.
CBO estimates that enacting the legislation would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028.
H.R. 1644 contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments.
H.R. 1644 contains private-sector mandates, as defined in UMRA, by imposing requirements related to certain transactions associated with the new and expanded sanctions against North Korea. Because of the broad scope of existing U.S. sanctions against North Korea, CBO expects the number of domestic entities that would be affected by the incremental requirements in the bill would be small. Therefore, CBO estimates that the aggregate cost of the mandates in the bill would fall below the annual threshold established in UMRA for private-sector mandates ($156 million in 2017, adjusted annually for inflation.
