Casten, Castro Propose Measure to Investigate Trump’s Questionable Handling of Venezuelan Oil Money
Washington, D.C. — U.S. Congressmen Sean Casten (IL-06) and Joaquin Castro (TX-20) introduced the Venezuela Oil Proceeds Transparency Act, legislation that directs the non-partisan Government Accountability Office to conduct an independent audit of the Trump Administration’s handling of hundreds of millions of dollars in Venezuelan oil funds concealed in offshore bank accounts.
The Trump Administration funneled $500 million in proceeds from its first sale of Venezuelan oil through a bank account in Qatar, without providing any transparency into how these funds were controlled, spent, or used by the interim Venezuelan government.
“From the very beginning, it’s been clear that key members of the Trump Administration are either unaware or unwilling to detail where, how, and under what authority they are controlling funds from Venezuelan oil sales,” said Rep. Sean Casten. “Americans deserve a clear answer, but as Secretary Bessent demonstrated when testifying to the House Financial Services Committee, the Trump Administration isn’t going to provide the information voluntarily. The Venezuela Oil Proceeds Transparency Act will help show where these funds are and who is benefiting from the president’s scheme.”
“President Trump’s regime change war in Venezuela was always about oil,” said Rep. Joaquin Castro. “The Trump Administration has ignored the will of the American people and avoided transparency since the very beginning to gain power, land, and oil. After ousting Nicolás Maduro, the administration seized millions of barrels of oil and created offshore accounts to enrich President Trump and his cronies. It is a brazen act of fraud and corruption. The Venezuela Oil Proceeds Transparency Act will provide answers to the American people and hold oil executives and President Trump accountable for their unprecedented self-dealing.”
During a recent House Financial Services Committee hearing, Treasury Secretary Scott Bessent testified, under questioning from Rep. Casten, that he was unaware which accounts Treasury was using to manage the funds from Venezuelan oil sales, despite President Trump’s January 9th Executive Order explicitly stating that Treasury is to hold these assets in custody and facilitate disbursements or transfers. A video of the testimony can be found here.
Specifically, the Venezuela Oil Proceeds Transparency Act requires the GAO to:
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Within 30 days, initiate an audit of the United States-Venezuela energy deal, including the activities of the State, Energy, and Treasury Departments, and any other agencies, employees, or contractors or entities involved in implementing the deal;
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Within 30 days after the audit is completed, provide a briefing to the chair and ranking members of the Senate and House committees and subcommittees of jurisdiction, which shall include preliminary findings, scope, and any identified risks of fraud, abuse, or conflicts of interest identified while conducting the audit.
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Within 90 days after the audit is completed, provide a report (which may include a classified annex) to House and Senate leadership, chairs and ranking members of committees of jurisdiction, and any other members of Congress that request the report.
A Senate-companion of the Venezuela Oil Proceeds Transparency Act was previously introduced by Senate Democratic Leader Chuck Schumer (D-NY) and U.S. Senator Adam Schiff (D-CA).
Text of the legislation can be found here.
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