Venezuela Oil Proceeds Transparency Act

Key Points

• This bill would require the Government Accountability Office (GAO) — a nonpartisan government watchdog — to audit a U.S.-Venezuela energy deal announced on January 6, 2026, in which the U.S. sells Venezuelan oil and deposits the profits into U.S.-controlled accounts.
• Under the deal, the U.S. government is rolling back some sanctions on Venezuela to allow the sale of Venezuelan crude oil on global markets. The money from those sales is being held in accounts at foreign banks, and the government says it will be spent to benefit both Americans and Venezuelans.
• The bill was motivated in part by the fact that the administration has not yet finalized how the accounts holding oil money will be reviewed. Secretary of State Marco Rubio testified that audit plans were still incomplete.
• If enacted, the GAO must begin its audit within 30 days and deliver a report to Congress within 90 days of completing it. The report must flag any fraud, abuse, or conflicts of interest and recommend any needed new laws.
• The bill also includes a noncompliance mechanism: if any federal agency or contractor delays or blocks the auditors' access to information, the GAO must immediately notify the relevant congressional committees.

Impact Analysis

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Votes

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