Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner announced additional sanctions against Iran that would identify that country's entire banking system "a threat." The new sanctions fall under Section 311 of the PATRIOT Act, which means that any person or entity that does business with Iran could be determined a supporter of Iran's "illicit activities," Secretary Geithner said.
The International Atomic Energy Agency (IAEA) released a report earlier this month that said Iran is developing a nuclear weapons program. The U.S. also alleges that the Iranian government is responsible for an attempted assassination plot against the Saudi Ambassador to the U.S.