According to Press TV, the bill was introduced on Thursday by 14 Democratic and Republican senators, including senior members of the Senate Foreign Relations Committee.
The legislation would set mandatory sanctions for anyone involved with Iran’s missile program and those who trade with them. It would also apply sanctions to the Islamic Revolution Guards Corps (IRGC).
The bill would require the US president to block the property of any person or entity involved in specific activities that violate the United Nations arms embargo on Iran.
Lawmakers were expected to roll out the new sanctions ahead of a conference by the American Israel Public Affairs Committee (AIPAC), which is scheduled to start Sunday.
Senators Bob Corker, Robert Menendez, Marco Rubio, Ben Cardin and Tom Cotton are among the bill’s sponsors.
Menendez, a Democrat from New Jersey, claimed that the new bill had been written not to interfere with the international nuclear accord reached with Tehran.