The U.S. House Foreign Affairs Committee on Sept. 17 marked up and passed an amendment offered by U.S. Rep. Maria Elvira Salazar (R-FL) to a larger bill that would establish a Venezuela Restoration Fund.
Rep. Salazar’s Amendment No. 40463, made to the U.S. State Department reauthorization bill, would establish the nearly $4-billion fund that would be made from frozen assets in the United States seized from corrupt regime operatives tied to former Venezuelan President Hugo Chávez and current president Nicolas Maduro. The resources would be redirected to help build Venezuela’s democracy and freedom, according to the congresswoman.
“This is a crucial time for Venezuela and thanks to President Trump’s leadership, the Maduro regime is wavering and it could fall,” said Rep. Salazar. “Once Maduro and his cronies are gone it will be necessary to rebuild Venezuela from the destruction of socialism.”
The amendment mirrors the most recent Preserving Accountability for National Assets (PANA) Act, S. 3159, which Republicans introduced in October 2023 to establish the fund. The bill stalled in the U.S. Senate Foreign Relations Committee during that session of Congress.
“The PANA Act takes stolen money and turns it into a tool for freedom,” Rep. Salazar said last week, noting that transparency and accountability are at the heart of the bill.
The fund would be subject to strict oversight and reporting requirements to ensure that money seized from corrupt regime operatives is used responsibly to promote democracy, protect human rights, and strengthen institutions that have been dismantled under dictatorship, according to a summary provided by Rep. Salazar’s office.