H.R. 7038 prohibits the U.S. government from using federal funds to finance, subsidize, insure, or support Venezuela's oil and petroleum infrastructure, including construction, maintenance, and expansion of oil facilities, as well as any government advocacy for Venezuela's oil sector at international institutions. The bill applies to all federal departments and agencies, covering direct payments, loan guarantees, tax incentives, and diplomatic support, though Congress can authorize exceptions through future legislation. The Secretary of State must submit an annual report to Congress within 180 days of enactment and each year thereafter certifying compliance and describing any related expenditures or activities. The bill affects federal agencies, international financial institutions involved in Venezuela policy, and any U.S. entities that might otherwise receive government support for Venezuelan oil investments. No specific funding allocations or monetary amounts are designated since the bill's primary purpose is to restrict existing spending rather than appropriate new resources.
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