Kaine, Colleagues Introduce Legislation to Block Taxpayer Reimbursements for Corporate Oil Investments in Venezuela

WASHINGTON, D.C. - Today, U.S. Senator Tim Kaine (D-VA), Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere and a member of the Senate Armed Services Committee (SASC), and Senate colleagues introduced the No Taxpayer Funds for Corporate Investment in Venezuelan Oil Act, which would prohibit the Trump Administration from providing taxpayer reimbursements for oil companies investing in Venezuela's oil and gas sector.

"President Trump was too cheap to pay for critical tax credits that millions of Americans rely on to afford their health care, but he's open to spending billions of taxpayer dollars to rebuild Venezuela. How is that 'America First'?," said Kaine. "I urge my colleagues to join us in supporting this legislation to prevent the waste of Americans' money on private investments in Venezuela's oil industry, and in calling on the President to focus on the real issues-the cost of health care, housing, food, and more."

Specifically, the No Taxpayer Funds for Corporate Investment in Venezuelan Oil Act would:

• Block reimbursements for capital expenditures, including leasing rights, infrastructure improvements, land purchases, and building construction;
• Cover companies and subsidiaries based in the U.S., as well as international parent firms incorporated abroad;
• And prohibit reimbursements directly from both the U.S. Treasury and potential offshore accounts accessible or controlled by U.S. government officials.

The bill is led by U.S. Senator Michael Bennet (D-CO) and cosponsored by U.S. Senators Jack Reed (D-RI), Adam Schiff (D-CA), Chris Van Hollen (D-MD), John Hickenlooper (D-CO), and Peter Welch (D-VT).

Full text of the bill is available here.

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