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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 560 Introduced in House (IH)]

110th CONGRESS
  1st Session
H. RES. 560

   Regarding the recent actions of Hugo Chavez and the Government of 
                               Venezuela.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 19, 2007

Mr. Barton of Texas (for himself, Mr. Hastert, Mr. Mack, Mr. Upton, Mr. 
    Burgess, Mrs. Myrick, Mr. Radanovich, Mrs. Bono, Mr. Buyer, Mr. 
     Sullivan, Mr. Sessions, Mr. Carter, Mr. McCaul of Texas, Mrs. 
Blackburn, Mr. Westmoreland, Mr. Walberg, Mr. Peterson of Pennsylvania, 
Mr. Burton of Indiana, Mr. Culberson, Mr. David Davis of Tennessee, Mr. 
 Campbell of California, Mr. Issa, Mr. Franks of Arizona, Mr. LaHood, 
Mr. Wolf, Mr. Conaway, Mr. Pearce, Mr. Deal of Georgia, Mr. McCarthy of 
California, Mr. Wilson of South Carolina, Mr. Gillmor, Mr. Sam Johnson 
of Texas, Mrs. Drake, Mr. Feeney, Mr. Smith of Texas, Mr. Calvert, Mr. 
 Stearns, Mr. Cole of Oklahoma, Mr. Tiahrt, and Mr. Shadegg) submitted 
   the following resolution; which was referred to the Committee on 
                            Foreign Affairs

_______________________________________________________________________

                               RESOLUTION

 
   Regarding the recent actions of Hugo Chavez and the Government of 
                               Venezuela.

Whereas the sanctity of contract is fundamental to the global economic well 
        being;
Whereas respect for private property forms the back bone of legitimate trade and 
        investment;
Whereas Hugo Chavez and the regime he controls have unjustly taken control of 
        majority stakes of Venezuelan operations of 6 major energy companies;
Whereas Hugo Chavez and the Venezuelan national oil company, Petroleos de 
        Venezuela, has stripped all operational control from the companies that 
        have invested time, money, and hard work creating energy development 
        projects in Venezuela;
Whereas American scientists, engineers, and business people have provided the 
        talent and capital to create these projects benefitting the people of 
        both nations;
Whereas the shareholders of 2 major American energy companies have been robbed 
        of over $3,500,000,000 in investments and tens of billions of dollars in 
        potential earnings as a result of these companies having been driven 
        from the market;
Whereas following these events, the companies' shareholders immediately saw a 
        significant loss in the value of their investments;
Whereas these events may produce a strong deterrent to investment by private 
        energy companies thereby limiting the world's supply of petroleum;
Whereas according to many energy experts, the cost of developing these resources 
        has increased and ultimately the people of Venezuela will be hurt 
        economically by these decisions;
Whereas the nationalization of industry is a misguided economic model; and
Whereas the actions of Hugo Chavez continue to threaten international energy 
        security: Now, therefore, be it
    Resolved, That the House of Representatives--
            (1) expresses its outrage over the recent actions of Hugo 
        Chavez;
            (2) encourages the protection of investment and respect for 
        the sanctity of property rights;
            (3) recognizes the hard work and contributions of American 
        workers, engineers, and scientists abroad, without whom, these 
        projects in Venezuela would not exist;
            (4) urges American companies to stand up for the property 
        rights of their shareholders in the face of unjust practices; 
        and
            (5) urges the United States Government to continue 
        providing a model of public-private cooperation to the world in 
        delivering on the energy needs of its citizens.
                                 <all>
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