Bill Summary
The "Venezuela Oil Proceeds Transparency Act" is a piece of legislation that mandates an audit of a recently announced energy deal between the United States and Venezuela. This deal, unveiled by President Trump on January 6, 2026, involves the U.S. marketing and selling Venezuelan oil, with proceeds being deposited into U.S.-controlled accounts. The Act requires the Comptroller General of the United States to conduct a thorough audit of this deal, examining the activities of various federal agencies involved, including the Departments of State, Energy, and Treasury.
Key provisions include:
1. **Audit Initiation**: The Comptroller General must begin the audit within 30 days of the Act's enactment.
2. **Interim Briefing**: A preliminary briefing on the audit findings must be provided to congressional leaders within 30 days after the audit's completion.
3. **Reporting on Noncompliance**: The Comptroller General must report any unreasonable delays or denials of access to information from federal entities during the audit.
4. **Final Report**: A comprehensive report detailing the audit findings, conclusions, and any recommendations must be submitted to Congress within 90 days of the audit's completion, made publicly available in an unclassified format.
This legislation emphasizes transparency and oversight regarding the financial aspects and implications of the U.S.-Venezuela energy deal, particularly in light of the rollback of sanctions and the handling of funds intended for both American and Venezuelan citizens.
Possible Impacts
Here are three examples of how the "Venezuela Oil Proceeds Transparency Act" could affect people:
1. **Increased Accountability and Transparency**: The requirement for an audit by the Comptroller General will ensure that there is oversight over the financial transactions related to the U.S.-Venezuela energy deal. This could positively impact citizens by increasing transparency about how proceeds from Venezuelan oil sales are managed and used. If the audit uncovers mismanagement or fraud, it could lead to reforms that better protect taxpayer interests and ensure that funds are utilized for public benefit.
2. **Potential Economic Benefits**: The legislation indicates that proceeds from the sale of Venezuelan oil will be distributed for the benefit of both the American and Venezuelan people. If the audit confirms effective management of these funds, it could lead to investments in public services or infrastructure projects in the U.S. and humanitarian assistance in Venezuela. Consequently, this could have a positive impact on economic conditions and living standards for people in both countries.
3. **Impact on U.S.-Venezuela Relations**: The legislation and subsequent audit process could influence diplomatic relations between the United States and Venezuela. If the findings of the audit are positive and demonstrate effective collaboration, it might foster a more cooperative relationship. Conversely, if the audit reveals significant issues or conflicts of interest, it could strain relations and affect various stakeholders, including citizens who may be caught in the geopolitical tensions. This could impact everything from trade policies to humanitarian efforts.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3838 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
2d Session
S. 3838
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 SENATE OF THE UNITED STATES
February 11, 2026
Mr. Schumer (for himself and Mr. Schiff) introduced the following bill;
which was read twice and referred to the Committee on Foreign Relations
_______________________________________________________________________
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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