S. 3621: Protecting Taxpayers from Risky Investments in Venezuela Act

This bill, titled the Protecting Taxpayers from Risky Investments in Venezuela Act, aims to prohibit the use of federal funds by the U.S. government to support any oil or petroleum infrastructure in Venezuela. Here’s a breakdown of what the bill entails:

Key Provisions

• **Federal Funding Restrictions**: The bill prohibits any funds that are appropriated or otherwise made available to U.S. government departments or agencies from being used to finance, support, or develop oil infrastructure or the petroleum sector in Venezuela. This includes:
  • The construction, installation, or modernization of oil or gas infrastructure in Venezuela.
  • The purchase of real property related to oil operations.
  • Financial supports such as insurance costs, loan guarantees, tax incentives, and royalty relief for oil projects.
  • Payments to individuals or corporations linked to the oil sector in Venezuela.
  • Advocacy or support for Venezuela’s oil infrastructure at international financial institutions or diplomatic forums.
• **Exceptions**: The restrictions do not apply if there is a specific allowance made by an Act of Congress after the enactment of this bill.

Reporting Requirements

Within 180 days of the bill's enactment, and annually thereafter, the Secretary of State is required to submit a report to specified congressional committees. This report must:

• Detail any expenditures or activities related to Venezuela's oil infrastructure or petroleum sector.
• Certify compliance with the prohibitions outlined in the bill.

Defined Terms

The bill acknowledges specific congressional committees as those responsible for overseeing its implementation. These include various Committees on Foreign Relations, Appropriations, and the Budget in both the Senate and the House of Representatives.

Objective of the Bill

The overarching goal of the bill is to protect U.S. taxpayers from investments that could pose financial risks associated with Venezuela's unstable political and economic conditions, particularly in relation to its oil industry.

Relevant Companies

• None found