Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People
Establishes a framework for managing Venezuelan oil revenue, including mechanisms to redirect revenue away from the Maduro government.
Section by Section
What each section does, and how they differ.
Finds that attachment of Venezuelan government deposit funds threatens U.S. national security and foreign policy and asserts these funds belong to Venezuela's government.
Defines 'Foreign Government Deposit Funds' as funds derived from Venezuela's natural resources or diluent sales paid to or held by the U.S. in designated Treasury accounts.
Prohibits and voids all judicial processes against the funds and restricts their transfer or withdrawal except as authorized.
Establishes that funds are Venezuela's property, not private creditors'; clarifies U.S. holds them in custodial capacity; and preserves Venezuela's sovereign immunity from judicial process.
Directs Treasury to designate funds as Venezuelan sovereign property held in custody, comply with State Department instructions, and assert sovereign immunity in judicial proceedings.
Authorizes Treasury to implement the order through rulemaking and IEEPA powers, and authorizes recurring reports to Congress on the national emergency.
Standard boilerplate: preserves existing agency authority, conditions the order on appropriations, and creates no enforceable private rights.