The VALOR Act of 2024 is a comprehensive sanctions and democracy-promotion bill aimed at pressuring Venezuela's government toward democratic reform. The legislation establishes specific criteria for recognizing a democratically elected Venezuelan government, including requirements for free and fair elections, independent judiciary, respect for human rights, release of political prisoners, and restoration of the National Assembly's powers. Until those criteria are met, the bill authorizes the president to impose broad economic sanctions on Venezuela, including prohibitions on debt transactions with the regime, cryptocurrency dealings, and blocking of Venezuelan government property in the United States. The bill also directs the Treasury and State Departments to oppose Venezuela's participation in international financial institutions and the Organization of American States, and encourages other countries to restrict trade with Venezuela. Additionally, it authorizes up to $5 million in U.S. contributions to an Organization of American States emergency fund for human rights monitors and election observers in Venezuela, and requires the president to develop a comprehensive assistance plan for Venezuela once a democratic government is established. The sanctions can be lifted only after the president certifies to Congress that a democratic government is in power, and Congress retains authority to disapprove any termination of sanctions through a joint resolution.
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