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U.S. lawmakers and the White House are negotiating language in a defense budgetary bill that would potentially penalize foreign banks for not complying with American sanctions against Iran, according to a congressional source. Sens. Mark Kirk (R-IL) and Robert Menendez (D-NJ) proposed an amendment this week that would bar the banks from the American financial system if they knowingly transact with Iranians included on the U.S. Treasury Department's list of Specially Designated Nationals (SDN), said a congressional staffer. The language would also tighten an embargo on Iranian petroleum and target shipping insurers, the person said. The amendment is intended for...