Sponsors (2)
The bill re-engages the U.S. with Venezuelan oil to generate business and possibly lower fuel costs while imposing GAO oversight and U.S.-controlled proceeds—but it risks weakening sanctions, exposing U.S. firms to compliance and reputational harms, and creating transparency and resource challenges around how funds are managed and reported.
American consumers and taxpayers may see increased access to global crude and potentially lower fuel prices if the deal increases imports or distribution of Venezuelan oil.
U.S. financial institutions and commodity firms can gain new business from marketing, financing, and handling Venezuelan oil sales.
Congress, taxpayers, and the public gain stronger oversight because the bill requires an independent GAO audit and timely reporting on the U.S.–Venezuela energy arrangement.
Rolling back sanctions and issuing OFAC licenses for selected actors risks undermining U.S. sanctions policy and could empower sanctioned Venezuelan actors.
Holding proceeds in U.S.-controlled foreign accounts with indefinite U.S. discretion raises transparency and accountability risks that could enable misuse or political manipulation of funds.
U.S. banks and commodity firms participating in the deal could face legal, reputational, and compliance risks from dealings with sanctioned Venezuelan entities.
Based on analysis of 3 sections of legislative text.
Requires GAO to audit the U.S.–Venezuela energy deal within 30 days, brief Congress on preliminary findings, and deliver an unclassified report (optional classified annex) within 90 days after the audit.
Introduced February 11, 2026 by Charles Ellis Schumer · Last progress February 11, 2026
Requires the Government Accountability Office (GAO) to audit the U.S.–Venezuela energy deal announced January 6, 2026. The audit must begin within 30 days of enactment, cover the activities of State, Energy, Treasury and any other federal agencies, employees, contractors, or U.S.-funded entities involved in implementing the deal, and produce an unclassified report with an optional classified annex to Congress after completion. GAO must brief congressional committee and subcommittee chairs and ranking members on preliminary findings, scope, and any identified risks of fraud, abuse, or conflicts of interest within 30 days after completing the audit; notify Congress promptly if access to information is unreasonably delayed or denied; and make the full unclassified report available to specified congressional leaders and any Member who requests it.