House, Senate target Iran’s central bank with new sanctions bill

“With Iran being so dangerously close to acquiring nuclear weapons, anything we can do to isolate the funding sources for the regime’s illicit activities could be meaningful,” Flake said. “The targeted sanctions in this bill have the potential to tie off funding for Iran’s nuclear programs and to stymie a growing threat to the Middle East.”

{mosads}The proposal comes just one day after the Obama administration announced new sanctions in an effort to further restrict Iran from developing nuclear weapons. While these sanctions were welcomed by Congress, some members said they would continue to push for legislation that does more to target Iran’s financial sector.

Flake’s bill would authorize sanctions again foreign financial institutions that deal with the central bank of Iran, but like other bills would give the executive branch the authority to waive these sanctions. It would also delay sanctions related to petroleum transactions in an effort to avoid affecting the price of oil.

Flake said his bill is identical to an amendment that Senate Minority Leader Mitch McConnell (R-Ky.), Sen. Mark Kirk (R-Ill.) and others offered to the defense appropriations bill. The Senate will resume work on that bill next week.