Bill Summary
The "Venezuela Oil Proceeds Transparency Act" is a legislative bill that mandates an audit of the United States-Venezuela energy deal announced by President Trump on January 6, 2026. The deal allows the U.S. to market and sell Venezuelan oil, with proceeds deposited into U.S.-controlled accounts for the benefit of both American and Venezuelan people.
Key provisions of the bill include:
1. **Audit Requirement**: The Comptroller General of the United States is required to initiate an audit of the energy deal within 30 days of the bill's enactment. This audit will assess the activities and expenditures related to the deal involving various federal agencies.
2. **Interim Briefing**: The Comptroller General must provide a preliminary briefing on the audit's findings and any risks of fraud or abuse within 30 days after completing the audit.
3. **Noncompliance Notification**: If any federal entity obstructs access to information during the audit, the Comptroller General is obligated to notify congressional leaders promptly.
4. **Final Report**: A detailed report of the audit's findings, along with recommendations for future actions, must be submitted to Congress within 90 days of the audit's completion. The report will be unclassified but can include a classified annex.
This legislation aims to ensure transparency and accountability in the management of proceeds from the energy deal, which involves the rollback of sanctions to facilitate the sale of Venezuelan oil.
Possible Impacts
The "Venezuela Oil Proceeds Transparency Act" could affect people in several ways, including the following:
1. **Increased Oversight and Accountability**: The requirement for the Comptroller General to conduct an audit of the United States-Venezuela energy deal may lead to increased transparency regarding how oil proceeds are handled. This could help ensure that funds are properly allocated for the benefit of both American and Venezuelan people, potentially leading to improved public trust in government operations and reduced risks of fraud or mismanagement.
2. **Impact on Venezuelan Economy**: The opening up of Venezuelan oil sales to U.S. markets, as facilitated by the deal, might provide a significant boost to the Venezuelan economy, which has faced severe hardships. If the proceeds are used effectively, it could lead to improvements in public services and infrastructure in Venezuela, ultimately benefiting its citizens.
3. **Potential Changes in U.S. Energy Policy**: The audit findings and recommendations could influence future U.S. energy policies and international relations, particularly concerning Venezuela. Depending on the report's conclusions, it might lead to further legislative action that impacts how the U.S. engages in energy deals with other countries, potentially affecting energy prices, job markets, and economic relations with other nations involved in oil production and export.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7819 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 7819
To require the Comptroller General of the United States to conduct an
audit of a United States and Venezuela energy deal, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 5, 2026
Mr. Casten (for himself and Mr. Castro of Texas) introduced the
following bill; which was referred to the Committee on Foreign Affairs
_______________________________________________________________________
A BILL
To require the Comptroller General of the United States to conduct an
audit of a United States and Venezuela energy deal, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Venezuela Oil Proceeds Transparency
Act''.
SEC. 2. FINDINGS.
Congress finds that--
(1) on January 6, 2026, President Trump announced a United
States-Venezuela energy deal under which the United States will
market and sell Venezuelan oil and deposit proceeds into
``U.S.-controlled'' accounts;
(2) according to the fact sheet of the Department of Energy
issued on January 7, 2026, on the United States-Venezuela
energy deal--
(A) the Federal Government has engaged commodity
marketers and banks to execute and provide financial
support for the crude oil and crude products sales;
(B) all proceeds from the sale of Venezuelan crude
oil and oil products will first settle in United
States-controlled accounts at foreign banks ``to
guarantee the legitimacy and integrity of the ultimate
distribution of proceeds''; and
(C) the funds will be disbursed ``for the benefit
of the American people and the Venezuelan people at the
discretion of the U.S. government'' and will continue
indefinitely;
(3) under the United States-Venezuela energy deal, the
United States is selectively rolling back sanctions to enable
the transport and sale of Venezuelan crude and oil products to
global markets, and the Office of Foreign Assets Control of the
Department of the Treasury is also issuing new licenses for
certain companies to import and export Venezuelan oil; and
(4) during testimony to the Committee on Foreign Relations
of the Senate on January 28, 2026, Secretary of State Marco
Rubio said there were plans for an ``audit process'' to review
expenditures from an account in Qatar set up under the United
States-Venezuela energy deal, but Secretary Rubio added that
``We haven't finalized what that audit process would be.''.
SEC. 3. GAO AUDIT.
(a) In General.--Not later than 30 days after the date of enactment
of this Act, the Comptroller General of the United States (referred to
in this section as the ``Comptroller General'') shall initiate an audit
of the United States-Venezuela energy deal announced on January 6,
2026, including the activities of the Department of State, the
Department of Energy, the Department of the Treasury, and any other
Federal Government agencies, employees, or contractors or entities
funded by the United States involved in implementing the deal.
(b) Interim Briefing.--Not later than 30 days after the date on
which the audit required under subsection (a) is completed, the
Comptroller General shall provide to the chair and ranking member of
each committee and subcommittee of jurisdiction in the House of
Representatives and the Senate a briefing on preliminary findings,
scope, and any identified risks of fraud, abuse, or conflicts of
interest identified while conducting the audit.
(c) Notice of Noncompliance.--In carrying out this section, the
Comptroller General shall notify the chair and ranking member of each
committee and subcommittee of jurisdiction in the House of
Representatives and the Senate as soon as practicable if the
Comptroller General determines that access to information has been
unreasonably delayed or denied by any Federal department, agency,
employee, or contractor or entity funded by the United States involved
in implementing the United States-Venezuela energy deal described in
subsection (a).
(d) Report.--
(1) In general.--Not later than 90 days after the date on
which the audit required under subsection (a) is completed, the
Comptroller General shall--
(A) submit to Congress a report on that audit,
which shall include--
(i) a detailed description of the findings
and conclusions of the Comptroller General with
respect to the audit that is the subject of the
report; and
(ii) recommendations for legislative or
administrative action, as the Comptroller
General determines to be appropriate; and
(B) make the report available to--
(i) the Speaker of the House of
Representatives;
(ii) the majority and minority leaders of
the House of Representatives;
(iii) the majority and minority leaders of
the Senate;
(iv) the chair and ranking member of each
committee and subcommittee of jurisdiction in
the House of Representatives and the Senate;
and
(v) any Member of Congress who requests the
report.
(2) Form.--The report required under paragraph (1) shall be
submitted in unclassified form, but may include a classified
annex.
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