WATCH: Reps talk ban on North Korea-connected companies from US banks

Lawmakers on the House Financial Services Subcommittee on Financial Institutions and Consumer Credit are requesting feedback on draft legislation that would “represent the toughest financial sanctions yet” for North Korea amid its ongoing nuclear and ballistic tests, subcommittee Rep. Andy Barr (R-Ky.) said. 

{mosads}“This means going after coal, petroleum, textiles and minerals as well as North Korean laborers abroad,” Barr said at Monday’s hearing.

Rep. Brad Sherman (D-Calif.), a senior member of the Foreign Affairs Committee as well, “commended” Barr for the “bill draft.” 

Sherman said he plans on co-sponsoring the measure, because it will “sunset upon verifiable limits on the nuclear weapons program. We might achieve those. So you’ve done something that those who spend their time on foreign affairs have been unwilling to do.”