Senate Banking Committee Reports New Iran Sanctions Bill

On February 2, 2012, the Senate Committee on Banking Committee ordered favorably reported "The Iran Sanctions, Accountability and Human Rights Act of 2012." Among other things, the legislation would impose mandatory sanctions on shippers of terror and WMD (weapons of mass destruction) material, make U.S. parent companies liable for the activities of their foreign subsidiaries, expand the current ISA menu of sanctions to senior corporate officials, and require firms traded on the U.S. stock exchanges to disclose Iran-related activity to the Securities and Exchange Commission (SEC). The Committee's press release states that the bill has garnered overwhelming bipartisan support, and leadership hoped that full Senate consideration would occur soon.