H.R. 7038: Protecting Taxpayers from Risky Investments in Venezuela Act (119th Congress) Bill Summary

This bill, known as the Protecting Taxpayers from Risky Investments in Venezuela Act, aims to prevent the United States government from using taxpayer funds to support Venezuela's oil and petroleum infrastructure. Here are the main points of the bill:

Prohibition on Federal Funding

The bill prohibits federal funds appropriated or available to any U.S. government department, agency, or entity from being used to:

Finance or subsidize the development, maintenance, or expansion of oil infrastructure in Venezuela.
Construct, install, or improve any oil or gas infrastructure in Venezuela.
Purchase real property related to oil infrastructure.
Provide insurance costs, loan guarantees, tax incentives, or royalty relief.
Make payments to individuals or corporations for work related to oil infrastructure.
Support advocacy or promotion of Venezuela's oil sector in any international or multilateral context.

Exception to the Prohibition

There is one exception to the prohibition. If a future act of Congress explicitly authorizes an expenditure related to Venezuela’s oil sector after this bill becomes law, that expenditure would not be affected by the prohibitions outlined in the bill.

Reporting Requirements

The Secretary of State is required to submit a report to Congress within 180 days of the bill’s enactment and annually thereafter. This report must:

Detail any expenditures or activities related to Venezuela’s oil infrastructure or petroleum sector.
Certify that the provisions of the bill are being followed.

Defined Terms and Relevant Committees

The bill specifies certain congressional committees that must be notified regarding expenditures related to Venezuela’s oil infrastructure, which includes various committees from both the House of Representatives and the Senate.