Expressing the sense of the Congress that the commitment made by the United States, in conjunction with South Korea and Japan, to arrange financing and construction of 2 nuclear reactors for North Korea, and to provide fuel oil and other assistance to North Korea, should be suspended until North Korea no longer poses a nuclear threat to the peace and security of Northeast Asia or the United States.

Expresses the sense of the Congress that the commitment made by the United States, in conjunction with South Korea and Japan, to help finance and build two nuclear reactors for North Korea, to provide fuel oil and other assistance to North Korea, and to begin lifting the decades-old economic embargo on North Korea should be suspended until the President certifies that North Korea has agreed to: (1) cease further development of its ballistic missile program; (2) cease all aspects of its nuclear weapons program; (3) cease all construction and activity on all nuclear facilities other than the light water nuclear reactors permitted by the Agreed Framework of October 21, 1994; (4) allow international inspectors complete access to the Yongbyon nuclear complex, all plutonium reprocessing facilities, and other suspected nuclear weapons sites under the Agreed Framework and other international treaties; (5) eliminate its existing stockpile of weapons-grade plutonium and allow verification of such elimination; and (6) stop diverting food, fuel oil, and other international humanitarian assistance to its military personnel and infrastructure; and (7) sign an agreement formally ending the war with South Korea.

Declares that the President should at no time, with respect to North Korea, waive the section of the Atomic Energy Act of 1954 which requires the maintaining of International Atomic Energy Agency safeguards as a precondition for the transfer of nuclear technology.