Senate Votes to Sanction Bank in Iran

Yesterday, the Senate has unanimously passes an economic sanction against a bank in Iran. Before the vote took place, the Senate was warned against this move by the Obama administration. Some believe that passing this sanction will do more harm than good. This sanction disallows all organizations that currently do business with financial institutions in Iran from having any financial accounts here in America. The reason for imposing these sanctions in Iran is to negatively impact their "nuclear ambitions." However, many people believe that the opposite will occur.

"There is absolutely a risk that in fact the price of oil would go up, which would mean that Iran would in fact have more money to fuel its nuclear ambitions, not less," said Wendy Sherman, the State Department's undersecretary for political affairs.

While the bill passed easily in the Senate, 93-7, it still needs to be approved by the House and signed by the President. It will be interesting to see if this bill will be passed, and what affect it will have.