No Taxpayer Funds for Corporate Investment in Venezuelan Oil Act
Congress moves to block U.S. funds from reimbursing oil and gas investments in Venezuela
Legislative Progress
Key Points
- Would block the U.S. government from using federal funds to reimburse anyone for certain oil and gas investment costs in Venezuela.
- Covers “capital expenditures,” meaning big long-term spending like new buildings or permanent upgrades meant to increase a property’s value.
- Applies broadly to people and organizations, including U.S. citizens, permanent residents, and U.S. or foreign companies and partnerships.
- Would apply not just to the Treasury, but also to any U.S.-controlled account, and to payments made by someone acting for the U.S. government.
- Practical effect: U.S. taxpayers wouldn’t help cover companies’ long-term oil and gas buildouts in Venezuela, even indirectly through reimbursements.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
2 articles
Venezuelan Oil Revitalization: Paid For With Your Taxes
Long-form piece linking U.S. financing tools and proposed reimbursements for oil investment in Venezuela; explicitly references the No Taxpayer Funds for Corporate Investment in Venezuelan Oil Act and its limits.
Welch joins bill to block taxpayer-funded handouts for corporate oil investments in Venezuela
Reposts/recaps Sen. Peter Welch’s announcement supporting the No Taxpayer Funds for Corporate Investment in Venezuelan Oil Act and summarizes the bill’s reimbursement ban for capital expenditures.
Source Information
Document Type
Congressional Bill
Official Title
No Taxpayer Funds for Corporate Investment in Venezuelan Oil Act
Data Sources
Sponsor
Cosponsors
(6)Analysis generated by AI. Always verify with official sources.