S. 3838

119 S3838 IS: Venezuela Oil Proceeds Transparency Act
 U.S. Senate
 2026-02-11
 text/xml
 EN
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 II  119th CONGRESS  2d Session  S. 3838  IN THE SENATE OF THE UNITED STATES   February 11, 2026   Mr. Schumer  (for himself and  Mr. Schiff ) introduced the following bill; which was read twice and referred to the  Committee on Foreign Relations    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.
1.
Short title
This Act may be cited as the   Venezuela Oil Proceeds Transparency Act  .
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
(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.