; and (B) submits written notification to the Speaker and the Minority Leader of the House of Representatives, as well as the Majority and Minority Leaders of the Senate, of the intent to issue such a waiver. (2) Humanitarian needs The requirement to impose sanctions under this section shall not apply to transactions for or incidental to the sale of agricultural commodities, food, medicine, or medical devices to Iran. 4. Sanctions on financial institutions (a) Finding The Government of Iran uses its banking sector to facilitate Iran’s nuclear programs, its support for terrorism, and its malign regional influence. (b) Imposition of sanctions (1) The President shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by any foreign financial institution that knowingly conducts or facilitates any significant financial transaction with the Central Bank of Iran or any other Iranian financial institution included in the List of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the Department of the Treasury pursuant to the imposition of sanctions relating to Iran’s proliferation of weapons of mass destruction or Iran’s support for international terrorism. (2) Waiver The President may, on a case-by-case basis, waive the sanctions required by paragraph (1) with respect to transactions the President determines are necessary to the national security interests of the United States. 5. Reporting requirement The President shall submit to the appropriate congressional committees not later than 60 days after the date of the enactment of this Act, and every 180 days thereafter, a report that includes each of the following: (1) The progress of the Government of Iran in complying with international nuclear obligations. (2) The status of Iran’s support for international terrorism, including its financing and support of Hamas and other terrorist organizations. (3) Measures