Venezuela Oil Proceeds Transparency Act in plain language
1: Short title
This section would let the Act be cited as the Venezuela Oil Proceeds Transparency Act.
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1. Short title This Act may be cited as the Venezuela Oil Proceeds Transparency Act .
2: Findings
This section would state Congress's findings. Congress finds that 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 the proceeds into U.S.-controlled accounts. Congress also finds that, according to a Department of Energy fact sheet issued January 7, 2026, on the deal: the federal government has engaged commodity marketers and banks to execute and provide financial support for the crude oil and crude product sales; all proceeds from selling Venezuelan crude oil and oil products will first settle in U.S.-controlled accounts at foreign banks to guarantee the legitimacy and integrity of the ultimate distribution of the proceeds; and 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. Congress further finds that, under the deal, the United States is selectively rolling back sanctions to allow the transport and sale of Venezuelan crude and oil products to global markets, and that the Treasury Department's Office of Foreign Assets Control is also issuing new licenses letting certain companies import and export Venezuelan oil. Finally, Congress finds that during testimony to the Senate Committee on Foreign Relations 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 deal, but that Secretary Rubio added, "We haven't finalized what that audit process would be."
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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. .
3: GAO audit
This section would require the Comptroller General of the United States to start, not later than 30 days after the Act is enacted, 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 agencies, employees, contractors, or entities funded by the United States that are involved in carrying out the deal. Not later than 30 days after that audit is completed, the Comptroller General would have to give the chair and ranking member of each committee and subcommittee of jurisdiction in the House of Representatives and the Senate a briefing on the audit's preliminary findings, its scope, and any risks of fraud, abuse, or conflicts of interest identified while conducting it. While carrying out the audit, the Comptroller General would have to notify the chair and ranking member of each committee and subcommittee of jurisdiction in the House and Senate as soon as practicable whenever the Comptroller General determines that any federal department, agency, employee, contractor, or U.S.-funded entity involved in implementing the deal has unreasonably delayed or denied access to information. Not later than 90 days after the audit is completed, the Comptroller General would have to submit to Congress a report on the audit that includes a detailed description of the Comptroller General's findings and conclusions and any recommendations for legislative or administrative action the Comptroller General considers appropriate, and would have to make that report available to the Speaker of the House, the majority and minority leaders of the House, the majority and minority leaders of the Senate, the chair and ranking member of each committee and subcommittee of jurisdiction in the House and Senate, and any Member of Congress who requests it. The report would have to be submitted in unclassified form, though it may include a classified annex.
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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.