Republican and Democratic members of the Senate Banking, Housing and Urban Affairs Committee approved the bill aimed at ramping up economic pressure on the Iranian regime if a final deal is not reached on preventing the regime from acquiring nuclear weapons.
The panel voted 18-4 to pass the bill that would increase economic pressure on the Iranian regime starting in July if it fails to sign an agreement.
Lawmakers are holding off on a full Senate vote to see whether diplomatic negotiations with the Iranian regime yield a deal.
On Tuesday, Sen. Bob Menendez, D-N.J., who co-authored the bill with Sen. Mark Kirk, R-Ill., and nine other Democrats told president Obama in a letter that they wouldn’t push the bill at least until the end of March.
Talks with the regime in Tehran have been extended until July, with the goal of reaching a framework for a deal by the end of March.
Iran’s state-run IRNA news service said Wednesday that Iranian lawmakers have proposed a bill that would scuttle the diplomatic effort if the U.S. imposed new U.S. sanctions.