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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9995 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 9995
To immediately halt investment by United States persons in the energy
sector of Venezuela until the legitimate results of the July 28, 2024,
election are respected.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 15, 2024
Ms. Wasserman Schultz (for herself and Ms. Salazar) introduced the
following bill; which was referred to the Committee on Foreign Affairs
_______________________________________________________________________
A BILL
To immediately halt investment by United States persons in the energy
sector of Venezuela until the legitimate results of the July 28, 2024,
election are respected.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Revoke Exemptions for Venezuelan Oil
to Curb Autocratic Repression Act of 2024'' or the ``REVOCAR Act''.
SEC. 2. FINDINGS.
Congress makes the following findings:
(1) On July 28, 2024, more than 10,000,000 citizens of
Venezuela voted in a presidential election in which
meticulously documented and publicized data from credible
election monitors clearly and convincingly showed that
opposition candidate Edmundo Gonzalez received more than two-
thirds of the votes against the regime of Nicolas Maduro.
(2) The Maduro regime has refused to respect the
overwhelming choice of the people of Venezuela and subsequently
arrested and abused thousands of innocent citizens of
Venezuela, including children, for peaceful political
participation.
SEC. 3. PROHIBITION ON INVESTMENT BY UNITED STATES PERSONS IN ENERGY
SECTOR OF VENEZUELA UNTIL THE LEGITIMATE RESULTS OF THE
JULY 28, 2024, ELECTION ARE RESPECTED.
(a) Prohibition.--
(1) In general.--Beginning on the date of the enactment of
this Act, the following transactions are prohibited:
(A) Any transaction by a United States person, or
an entity owned or controlled by a United States
person, to invest, trade, or operate within the energy
sector of Venezuela, including the provision of goods,
services, or finance to--
(i) Petroleos de Venezuela, S.A., or
subsidiaries, representatives, or related
companies of Petroleos de Venezuela, S.A.; or
(ii) the regime of Nicolas Maduro or any
nondemocratic successor government in
Venezuela.
(B) Any transaction that evades or avoids, has the
purpose of evading or avoiding, causes a violation of,
or attempts to violate the prohibition under
subparagraph (A).
(2) Applicability.--The prohibitions under paragraph (1)
shall apply--
(A) to the extent provided by law and regulations,
orders, directives, or licenses that may be issued
pursuant to this section; and
(B) notwithstanding any contract entered into or
any license or permit granted before the date of the
enactment of this Act.
(b) Implementation; Penalties.--
(1) Implementation.--
(A) In general.--The Secretary of the Treasury, in
consultation with the Secretary of State, may take such
actions, including prescribing regulations, as are
necessary to implement this section.
(B) IEEPA authorities.--The Secretary of the
Treasury may exercise the authorities provided to the
President under sections 203 and 205 of the
International Emergency Economic Powers Act (50 U.S.C.
1702 and 1704) to the extent necessary to carry out
this section.
(2) Penalties.--A person that violates, attempts to
violate, conspires to violate, or causes a violation of
subsection (a) or any regulation, license, directive, or order
issued to carry out that subsection shall be subject to the
penalties set forth in subsections (b) and (c) of section 206
of the International Emergency Economic Powers Act (50 U.S.C.
1705) to the same extent as a person that commits an unlawful
act described in subsection (a) of that section.
(c) Responsibility of Other Agencies.--All agencies of the United
States Government shall take all appropriate measures within their
authority to carry out the provisions of this section.
(d) Termination of Prohibition.--The prohibitions under subsection
(a) shall terminate on the earlier of--
(1) on the date on which the President submits to Congress
a determination that the regime of Nicolas Maduro has
recognized the July 28, 2024, electoral victory of Edmundo
Gonzalez and relinquished power to the legitimately
democratically elected government in Venezuela; or
(2) December 31, 2027.
(e) Waiver Authority.--
(1) In general.--The President may waive, on a case-by-case
basis and for a period of not more than 90 days, the
prohibitions under subsection (a) not less than 30 days after
the President determines and reports to the appropriate
congressional committees that it is vital to the national
security interests of the United States to waive such
sanctions.
(2) Renewal of waivers.--The President may, on a case-by-
case basis, renew a waiver under paragraph (1) for an
additional period of not more than 90 days if, not later than
15 days before that waiver expires, the President makes the
determination and submits to the appropriate congressional
committees a report described in paragraph (1).
(3) Content of waiver reports.--Each report submitted under
this subsection in connection with a waiver of the prohibitions
under subsection (a), or the renewal of such a waiver, shall
include--
(A) a specific and detailed rationale for the
determination that the waiver is vital to the national
security interests of the United States;
(B) a description of the transaction or type of
transaction prohibited by this Act that will be
permitted, including a list of prohibited foreign
entities that are determined to be involved in the
transaction or type of transaction;
(C) an explanation of any efforts made by the
United States to restrict financial flows to the regime
of Nicolas Maduro in order to constrain his ability to
repress the Venezuelan people; and
(D) an assessment of the impact of waiving the
prohibitions under subsection (a) on--
(i) the probability of achieving a
democratic transition in Venezuela as described
in subsection (d)(1);
(ii) the financial resources available to
the regime of Nicolas Maduro or any
nondemocratic successor government in
Venezuela; and
(iii) the ability of the regime of Nicolas
Maduro or any nondemocratic successor
government in Venezuela to violate human
rights, engage in repression, or threaten the
interests of the United States.
(4) Appropriate congressional committees defined.--In this
subsection, the term ``appropriate congressional committees''
means--
(A) the Committee on Foreign Affairs of the House
of Representatives;
(B) the Committee on Foreign Relations of the
Senate;
(C) the Committee on Appropriations of the House of
Representatives; and
(D) the Committee on Appropriations of the Senate.
(f) United States Person Defined.--In this section, the term
``United States person'' means--
(1) a United States citizen or alien lawfully admitted for
permanent residence to the United States;
(2) any entity organized under the laws of the United
States or any jurisdiction within the United States (including
a foreign branch of any such entity); and
(3) any person physically located in the United States.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Foreign Affairs.
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