Congress·In Committee·H.R. 7038

Congress moves to bar federal funds from supporting Venezuela oil projects, requiring State Department reports

Protecting Taxpayers from Risky Investments in Venezuela Act

2 months ago·View on Congress.gov

Part of: Lawmakers Push for Audits and Transparency in U.S.-Venezuela Oil Deal

Legislative Progress

House

Senate

President

Law

Key Points

Would block U.S. government money from being used to support Venezuela’s oil and petroleum projects.
Covers many kinds of support, like loans, insurance, guarantees, contracts, tax breaks, or payments to companies tied to oil work there.
Also bans U.S. officials from promoting or backing Venezuela oil projects in places like international banks and global forums.
Allows an exception only if a later law passed by Congress clearly approves a specific spending action.
Requires the State Department to report within 180 days after the law starts, and then every year, on any related activity and compliance.

Foreign PolicyTradeEnergy

Impact Analysis

Personal Impact

How this policy affects specific groups of people

Mixed Impacts(2)

Housing Assistance

Neutral

Federal Employee

Neutral

Milestones

2 milestones2 actions

Jan 13, 2026House

Referred to the House Committee on Foreign Affairs.

Jan 13, 2026

Introduced in House

What Happens Next

Projected impacts based on AI analysis

Right after the bill becomes law

Federal agencies stop using funds to finance, insure, guarantee, contract for, or otherwise support Venezuela’s oil sector (unless a later law creates an explicit exception).

Any government-backed deal or support connected to Venezuela oil infrastructure would be blocked going forward, changing what projects can move ahead with U.S. involvement.

Within weeks to a few months after enactment

Agencies update internal rules and screening to ensure contracts, grants, guarantees, and advocacy positions do not violate the prohibition.

More paperwork and review steps for government staff and for companies seeking government-backed international energy-related support.

Related News

3 articles

Spectrum News (Spectrum Local News)·2 months ago

Dems introduce bill barring funding for Venezuela oil

Rep. Mike Levin and Sen. Jeff Merkley introduce the Protecting Taxpayers from Risky Investments in Venezuela Act to bar U.S. taxpayer dollars from rebuilding Venezuela’s oil infrastructure without congressional approval.

League of Conservation Voters·2 months ago

Trump’s Policies to Subsidize Oil and Gas Overseas Raises Costs at Home

LCV statement responding to the introduction of the Protecting Taxpayers from Risky Investments in Venezuela Act, urging Congress to block taxpayer support for Venezuela oil infrastructure.

CL+

League of Conservation Voters·2 months ago

This Week in Climate Action — January 16, 2026

LCV roundup notes the bicameral introduction of the Protecting Taxpayers from Risky Investments in Venezuela Act aimed at preventing U.S. taxpayers from funding fossil fuel infrastructure in Venezuela.

CL+