Venezuela Oil Proceeds Transparency Act

Sean Casten

Democrat · IL · Representative

Source: Congress.gov · FEC

• Joaquin Castro (D-TX-20)Original· 2026-03-05

Referred to the House Committee on Foreign Affairs.

2026-03-05

Source: Congress.gov

This bill would require the U.S. government to track and publicly report how money from Venezuelan oil sales is being used, particularly focusing on whether funds are going to the Venezuelan government or being diverted elsewhere. The measure aims to increase transparency around oil revenues and sanctions enforcement related to Venezuela, helping Congress and the public understand the financial flows connected to U.S. policy toward the country. It affects policymakers, international businesses involved in oil trade, and anyone interested in how U.S. sanctions on Venezuela are actually working.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7819 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7819 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 HOUSE OF REPRESENTATIVES March 5, 2026 Mr. Casten (for himself and Mr. Castro of Texas) introduced the following bill; which was referred to the Committee on Foreign Affairs _______________________________________________________________________ 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. <all>

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