Congressman Barney Frank today took part in the first meeting of the House-Senate conference committee for the Comprehensive Iran Sanctions, Accountability and Divestment Act (H.R. 2194). The committee is responsible for resolving differences between the House and Senate versions of the bill, which have both passed their respective bodies. Frank was appointed to the conference by the Speaker of the House because certain provisions of the bill fall within the jurisdiction of the House Financial Services Committee, which is chaired by Frank.

Lawmakers have become increasingly concerned about Iran, and many believe that if President Obama is to persuade Iran to negotiate away its nuclear weapons program, he will first need to generate more leverage.

Both the House and Senate versions of the bill would put additional pressure on the Government of Iran to suspend its nuclear program through expanded and strengthened economic sanctions focused on Iran’s energy sector, and they would also prohibit any U.S. government contracts to companies that invest in Iran’s energy sector.

“It is essential that we mobilize our resources and do everything possible to stop the Iranian nuclear threat,” said Congressman Frank.  “Although there is no guarantee that sanctions will have the intended effect, it is important that we take this step before moving on to stronger measures.  I will be working with my colleagues on the House-Senate committee to put maximum pressure on Iran in order to achieve real results.”

The House version of the legislation builds on existing law by extending current Iranian sanctions through 2016.  It also imposes additional sanctions on multinational companies that do business with the Iranian oil industry, including companies which sell oil to Iran, invest in Iranian petroleum production, or supply products or services essential to the country’s petroleum industry. A detailed description of the bill is available online.

The Senate bill includes legislative language from a bill introduced last year by Frank, the Iran Sanctions Enabling Act of 2009 (H.R. 1327).  The legislation authorizes states, local governments and mutual funds to divest from Iran’s energy industry.  It is expected that Frank’s language will be included in the final bill.

Howard Berman, Chairman of the House Committee on Foreign Affairs, introduced the bill in April of last year.  The House passed the bill on December 15th with overwhelming bipartisan support, 412-12.  The bill passed the Senate on March 11th of this year.