1. Short title This Act may be cited as the North Korea State Sponsor of Terrorism Designation Act of 2017 . 2. Report on designation of Government of North Korea as a state sponsor of terrorism (a) Findings Congress finds the following: (1) The Government of North Korea was designated a state sponsor of terrorism on January 20, 1988, for repeatedly providing support of acts of international terrorism. (2) However, on October 11, 2008, North Korea’s designation as a state sponsor of terrorism was rescinded, following commitments by the Government of North Korea to completely, verifiably, and irreversibly dismantle its nuclear weapons program, yet North Korea has failed to live up to these commitments and is continuing to produce ever greater quantities of fissile material for nuclear weapons and periodically conduct testing of nuclear explosive devices. (3) Consequences of a state sponsors of terrorism designation include a ban on arms-related exports and sales; restrictions on exports of dual-use items; restrictions on foreign assistance; financial sanctions against transactions with the designated government; imposition of miscellaneous trade and other restrictions