The bill also has that ability to sanction North Korea officials over dire human rights abuses and individuals who facilitate cyberattacks on the U.S.
The new legislation is partly in response to demands for tougher measures over Pyongyang's nuclear programme and the alleged hack of Sony Pictures last year.
The Obama administration last month blacklisted additional North Korean officials in response to the Sony hack,aimed at reducing the country's income from illegal weapon sales.
Last week a U.N. panel investigating how North Korea avoids sanctions reported that one shipping company caught trying to smuggle jets and missiles from Cub had simply renamed its vessels, suggesting that the new sanctions may not be entirely effective. 
South Korea and America will carry out more joint exercises from Monday involving hundreds of thousands of troops (pictured, Kim inspects the construction site of a new science and technology centre)
South Korea and America will carry out more joint exercises from Monday involving hundreds of thousands of troops (pictured, Kim inspects the construction site of a new science and technology centre)