New House Bill Would Eliminate Certain OFAC Licenses for Venezuela, Lawmaker Says
Reps. Debbie Wasserman Schultz, D-Fla., and Maria Salazar, R-Fla., introduced a bill Oct. 15 that would prohibit U.S. firms from doing certain business with Venezuela’s energy sector, including its state-owned oil company, until President Nicolas Maduro concedes he lost the July 28 election.
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The lawmakers said their Revoke Exemptions for Venezuelan Oil to Curb Autocratic Repression (REVOCAR) Act would cut off oil revenue that Maduro uses to stifle political dissent. The bill would block certain transactions by "eliminating" general licenses issued by the Office of Foreign Assets Control that "allow certain companies to do business with the Maduro regime," including Petroleos de Venezuela, Wasserman Schultz's office said in a press release. Those prohibitions would remain in place for three years or until the president certifies that there has been a "democratic transfer of power" within Venezuela.
The legislation was referred to the House Foreign Affairs Committee, where Salazar chairs the Western Hemisphere Subcommittee.
Senate Majority Whip Dick Durbin, D-Ill, introduced a similar bill in September (see 2409090049). His measure is pending before the Senate Banking Committee.