New Bicameral Bill Would Tie Venezuela Sanctions Removal to Democratic Progress

A bipartisan group of five senators and two House members unveiled a new bill Aug. 22 that would create “democratic benchmarks” to guide the removal of sanctions on Venezuela.

The Venezuela Advancing Liberty, Opportunity and Rights Act (VALOR Act) also would codify financial sanctions on the Venezuelan Central Bank, state-owned energy company Petroleos de Venezuela, and Venezuelan cryptocurrency.

Lawmakers said the legislation would help promote democracy in Venezuela, where President Nicolas Maduro has refused to concede he lost the country’s recent election to opposition candidate Edmundo Gonzalez. The U.S. "must ensure consequences for Maduro's attempt to overturn the will of the voters and support a democratic future for all Venezuelans," said Rep. Debbie Wasserman Schultz, D-Fla., who plans to introduce the House version of the bill with Rep. Maria Salazar, R-Fla.

Senate Foreign Relations Committee ranking member Jim Risch, R-Idaho, and Sens. Rick Scott, R-Fla.; Michael Bennet, D-Colo.; Bill Cassidy, R-La., and Bill Hagerty, R-Tenn., intend to offer the bill in the Senate.

Beyond the sanctions provisions, the bill would require the U.S. president to give Congress a report on barriers and policy objectives for trade and investment between the U.S. and a democratically governed Venezuela.

U.S. lawmakers have been urging the Biden administration to impose more sanctions on Maduro and his regime for trying to cling to power (see 2408050024, 2408090029) and 2408160035). Senior Biden administration officials have said they are considering “consequences,” including sanctions, in response to last month's election (see 2407290044).