Tags: North Korea | royce | north korea | economic | impact

Royce Bill Would Cut Off NKorea from US Financial System

By    |   Sunday, 28 December 2014 05:27 PM

Rep. Ed Royce says it is time to again hit North Korea where it hurts – its financial system.

The California Republican said Sunday legislation passed by the House last summer would shut off the communist dictatorship from the U.S. banking system.

Appearing on "The Cats Roundtable" on AM 970 in New York, Royce said the recent takedown of North Korea's Internet had practically no impact. He wouldn't say if he knows whether the United States was behind that attack as retaliation for what is believed to a North Korean hack of Sony Pictures for "The Interview," a comedy movie about a plot to kill North Korean leader Kim Jong-un.

The entire country has only 3,000 IP addresses and hasn't attached much of its infrastructure to the Internet, he noted.

But hitting their access to U.S. currency would leave a mark, Royce told host John Catsimatidis.

The United States in 2005 froze North Korean accounts when it was discovered they were counterfeiting American currency to finance their intercontinental ballistic missile program. The freeze shut down missile production.

"It had very real impact. After that they changed their tune for a while," Royce said.

Royce's bill passed the House in July, and wasn't originally intended as a response to the Sony hack, but he now is using the hack to push the bill with the incoming GOP-majority Senate. He told Catsimatidis he hopes the upper chamber will take it up when Congress goes back into session on January.

"Why should we let them continue to use our currency to develop a weapons program, both nuclear and cyber terror?" he said.

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Rep. Ed Royce says it is time to again hit North Korea where it hurts - its financial system.
royce, north korea, economic, impact
Sunday, 28 December 2014 05:27 PM
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