Obama Admin OK's Iran Bank Sanctions

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After weeks of opposition, the Obama administration is now supporting legislation that will sanction Iran's Central Bank.

The Senate passed the amendment to the annual defense authorization bill Thursday in a 83-13 vote.

The measure imposes the harshest measures yet on the Islamic Republic over its nuclear program.
 
The administration once feared the legislation could drive up oil prices or inflict economic hardship on American partners overseas.

However, the new version of the bill allows the president to waive certain penalties.

The sanctions will not take effect until six months after the president signs the bill into law.

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