US panel agrees to new Iran sanctions

WASHINGTON - Leaders of a US House and Senate negotiating panel on Monday said they had agreed to compromise legislation imposing new sanctions that target Iran's central bank, despite Obama administration misgivings over the measure. They said they hoped to pass it this week.

The lawmakers, the leaders of armed services committees from both political parties, said they had made some changes sought by the administration. These added some flexibility in the treatment of foreign institutions that trade with Iran's central bank, Democratic Senator Carl Levin said.

Levin told reporters the bill was probably "96 percent" the same as legislation that passed the Senate last week. It would penalize foreign financial institutions that do business with Iran's central bank, the main conduit for its oil revenues.