U.S. Senator Kay R. Hagan (NC), a member of the Senate Banking Committee and Chair of the Armed Services Subcommittee on Emerging Threats, supported the bipartisan Iran Sanctions, Accountability and Human Rights Act during a markup yesterday in the Senate Banking Committee.
"As the Chair of the Emerging Threats and Capabilities Subcommittee, I know that the potential of a nuclear-armed Iran is a clear concern for our country, our ally Israel and the stability of the Middle East," said Hagan. "It is important that we cut off resources that would allow Iran to develop nuclear weapons. The Iran Sanctions, Accountability and Human Rights Act is an important step in choking off funding for Iran's national oil and shipping companies, and in restricting its ability to tap into electronic banking services."
The bipartisan bill expands and broadens the President's authority to increase pressure on Iran to comply with its international obligations. The legislation will:
o Broaden the list of available sanctions,
o Require intensified targeting of Iran's Revolutionary Guard Corps,
o Require firms traded on US stock exchanges to disclose Iran-related activity to the Securities and Exchange Commission,
o Sanction energy and uranium mining joint ventures with Iran's government outside of Iran,
o Penalize US parent firms for certain Iran-related activities of their foreign subsidiaries,
o Mandate sanctions for those who supply Iran with weapons and other technologies used to commit human rights abuses, and
o Provide other similar measures designed to increase pressure on Iran's governmen