Venezuela Oil Proceeds Transparency Act

Sponsor: Charles E. Schumer (Democratic-NY)

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Introduced

In Committee

Passed One Chamber

Passed Both Chambers

Signed into Law

Read twice and referred to the Committee on Foreign Relations. (text: CR S579)

Audit would bring transparency to U.S.-Venezuela oil deal

A new bill aims to bring transparency to the U.S.-Venezuela energy deal by requiring an independent audit. This audit would review how federal agencies handle Venezuelan oil sales and funds. The goal is to ensure clear oversight of how money from these sales is managed and spent.

What Would Change

Today, the U.S. has an energy deal with Venezuela where it sells oil and deposits money into U.S.-controlled accounts, but there is no finalized, mandated audit process in place for this deal. If this bill becomes law, the Comptroller General would be required to start an independent audit of the entire deal within 30 days. This would lead to public briefings and a detailed report to Congress on how the deal is being handled and how funds are used.

Key Provisions

Requires the Comptroller General to start an audit of the United States-Venezuela energy deal within 30 days of the bill becoming law.
Mandates the audit to cover the actions of the Departments of State, Energy, and Treasury, plus other federal groups involved.
Requires the Comptroller General to brief key members of Congress on preliminary audit findings within 30 days of the audit's completion.
Requires the Comptroller General to notify Congress if any federal agency delays or denies access to audit information.
Requires the Comptroller General to submit a detailed report on the audit to Congress within 90 days of its completion, including findings and recommendations.

View on Congress.gov

S 3838 · 119th Congress · AI Summary by gemini-2.5-flash · 9/10

Venezuela Oil Proceeds Transparency Act

What Would Change

Key Provisions

Lobbying Activity