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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>
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