The House passed legislation Wednesday that would penalize foreign businesses - including banks - that invest more than $40 million annually in Iranian and Libya oil and gas production.

The bill would require the President to impose two of three penalties applicable to financial firms: forbidding U.S. institutions from making loans of more than $10 million annual to sanctioned institutions, prohibiting violators from selling U.S. securities or being repositories of government funds, and banning purchases of goods or services from sanctioned institutions.

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