S. 3621, titled the "Protecting Taxpayers from Risky Investments in Venezuela Act," prohibits the U.S. Government from using federal funds to support Venezuela's oil and petroleum infrastructure in any form. This applies to direct funding, subsidies, insurance, loan guarantees, tax incentives, and even diplomatic advocacy on behalf of Venezuelan oil projects. The ban covers a broad range of activities including construction, equipment purchases, property acquisition, and payments to companies or individuals involved in Venezuela's energy sector. The only exception allows Congress to override the prohibition through a subsequent act passed after this bill's enactment. To ensure compliance, the Secretary of State must submit annual reports to relevant congressional committees describing any spending or activities related to Venezuela's oil infrastructure and certifying adherence to the law, with the first report due within 180 days of enactment.
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