Relating to the United States-North Korea Agreed Framework and the obligations of North Korea under that and previous agreements with respect to the denuclearization of the Korean Peninsula and dialogue with the Republic of Korea.

Calls for the President, in discussions or negotiations with the Government of North Korea pursuant to the implementation of the October 21, 1994, United States-Democratic People's Republic of Korea Agreed Framework (Framework), to uphold the following minimum conditions relating to nuclear nonproliferation: (1) removal from North Korea of all spent fuel from the graphite-moderated nuclear reactors and related facilities of North Korea, as is consistent with the Framework; (2) freedom for the International Atomic Energy Agency to conduct inspections that it deems necessary to account for the plutonium and other nuclear materials in North Korea before any nuclear components controlled by the Nuclear Supplier Group Guidelines are delivered for a light water reactor for North Korea; (3) complete dismantlement of all declared graphite-based nuclear reactors and related facilities in North Korea, including reprocessing units, in accordance with the Framework and in a manner that effectively bars in perpetuity their reactivation; and (4) suspension of U.S. actions described in the Framework if North Korea attempts to reload its existing five megawatt nuclear reactor or resumes construction of nuclear facilities other than those permitted to be built under the Framework.

(Sec. 2) Expresses the sense of the Congress that the Republic of Korea should play the central role in the project to provide light water reactors to North Korea under the Framework. Declares that, after enactment of this Act, the President should not take further steps toward upgrading diplomatic relations with North Korea beyond opening liaison offices or relaxing trade and investment barriers imposed against North Korea without: (1) action by the Government of North Korea to engage in a dialogue with the Government of the Republic of Korea; (2) significant progress toward implementation of the North-South Joint Declaration on the Denuclearization of the Korean Peninsula; and (3) progress toward the achievement of several long-standing U.S. policy objectives regarding North Korea and the Korean Peninsula, including reductions in North Korean troops along the Demilitarized Zone, prohibiting movement by North Korea toward deployment of an intermediate range ballistic missile system, and prohibiting the export by North Korea of weapons of mass destruction.

(Sec. 4) Amends the Foreign Assistance Act of 1961 to prohibit any assistance under such Act or any other provision of law to North Korea or the Korean Peninsula Energy Development Organization (KPEDO) unless: (1) such assistance is provided in accordance with all applicable requirements, limitations, and procedures; and (2) the President notifies specified congressional committees prior to the obligation of such assistance and determines and reports to such committees that the provision of such assistance is vital to U.S. national interests. Makes this provision inapplicable to assistance authorized and appropriated for North Korea or KPEDO.