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Congress·In Committee·19 days ago

Senate Panel Eyes Audit of U.S.-Venezuela Oil Deal Under Venezuela Oil Proceeds Transparency Act

Also known as: Venezuela Oil Proceeds Transparency Act

Legislative Progress

✓ Filed
Review
Senate
House
President

Key Points

  • This bill requires a non-partisan government watchdog to investigate a new energy agreement between the United States and Venezuela. Under this deal, the U.S. sells Venezuelan oil and keeps the money in special accounts to be spent at the government's discretion.
  • The audit would look at how the State Department, Treasury, and Energy Department are handling the money. It aims to make sure there is no fraud, waste, or secret conflicts of interest in how the oil is sold or how the profits are used.
  • Currently, the U.S. government has the power to decide how to spend these oil profits for the benefit of both Americans and Venezuelans. This bill wants to ensure there is a clear, public record of where every dollar goes to guarantee the program is handled with integrity.
  • If passed, the investigation must start within 30 days. The watchdog would then report back to Congress with recommendations on whether laws need to change to keep the money safe and ensure the public knows how the funds are being used.
Energy EnvironmentNational Security Foreign PolicyEconomy Finance

Milestones

2 milestones2 actions
Feb 11, 2026Senate

Read twice and referred to the Committee on Foreign Relations. (text: CR S579)

Feb 11, 2026

Introduced in Senate

Related News

2 articles
Al Jazeera·18 days ago

US Energy Secretary Chris Wright touts oil production on Venezuela visit

While Energy Secretary Chris Wright visited Caracas, Senate Democrats introduced the Venezuela Oil Proceeds Transparency Act. The bill seeks a nonpartisan audit of oil proceeds currently being held in U.S.-controlled offshore accounts in Qatar to ensure congressional oversight and transparency.

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El Nacional·7 days ago

Vitrina: Petróleo bajo control, corrupción a la deriva

The article analyzes the lack of transparency in the new U.S.-Venezuela oil mechanism, noting that the 'Venezuela Oil Proceeds Transparency Act' (Schiff–Schumer) aims to fill the oversight gap regarding the secretive Qatari trust fund and the discretionary use of funds by the State Department.

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Source Information

Document Type

Congressional Bill

Official Title

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.

Bill NumberS 3838
Congress119th Congress
ChamberSenate
Latest ActionRead twice and referred to the Committee on Foreign Relations. (text: CR S579)

Sponsor

Cosponsors

(1)
D: 1

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.