What does Preamble of Venezuela Oil Proceeds Transparency Act do?

This bill requires the Comptroller General of the United States to conduct an audit of a United States and Venezuela energy deal. The bill is intended for 'other purposes' beyond the audit requirement, though these are not specified in this section.

What does SHORT TITLE. of Venezuela Oil Proceeds Transparency Act do?

This bill is formally titled the 'Venezuela Oil Proceeds Transparency Act'.

What does FINDINGS. of Venezuela Oil Proceeds Transparency Act do?

This section outlines findings related to a United States-Venezuela energy deal announced on January 6, 2026. The deal involves the United States marketing and selling Venezuelan oil, with proceeds deposited into U.S.-controlled accounts. The Department of Energy's fact sheet indicates the Federal Government has engaged commodity marketers and banks to support the sales. Proceeds from the oil sales are intended to benefit both the American and Venezuelan people, at the discretion of the U.S. government. The United States is selectively rolling back sanctions to facilitate the transport and sale of Venezuelan oil. The Office of Foreign Assets Control is issuing licenses for companies to import and export Venezuelan oil. Secretary of State Marco Rubio testified about plans for an audit process to review expenditures from an account in Qatar, but the specifics of the audit remain unfinalized.

What does GAO AUDIT. of Venezuela Oil Proceeds Transparency Act do?

This section mandates a GAO audit of the United States-Venezuela energy deal announced on January 6, 2026. The audit must include activities of the Department of State, Department of Energy, Department of the Treasury, and related entities. The Comptroller General must initiate the audit within 30 days of the Act's enactment. An interim briefing on preliminary findings is required within 30 days of the audit's completion, to be provided to relevant congressional committees and subcommittees. The Comptroller General must notify Congress if access to information is unreasonably delayed or denied. A final report on the audit, including findings, conclusions, and recommendations, must be submitted to Congress within 90 days of the audit's completion. The report will be made available to congressional leadership and members upon request, and may include a classified annex.

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Venezuela Oil Proceeds Transparency Act

Last updated: 3/5/2026 · Introduced: 3/5/2026

Author: Sean Casten (D-IL)

TL;DR (AI)

This bill requires the Government Accountability Office (GAO) to audit the U.S.-Venezuela energy deal announced in January 2026, encompassing activities of multiple federal departments.
The GAO must initiate the audit within 30 days of the Act's enactment and provide interim and final reports to Congress, including recommendations.
The audit will review the use of proceeds from Venezuelan oil sales, which are intended to benefit both the American and Venezuelan people and are being facilitated through selective sanctions relief.

119th Congressin committeeS. 3838(In Committee)Official page

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Includes provisions on preamble, short title., and 2 more.

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