Sen. Elizabeth Warren, D-Mass, and other Democratic senators have spearheaded an investigation into the role major U.S. banks will play in assisting the Trump administration sell Venezuelan oil.
The inquiry comes after President Donald Trump announced that Venezuela’s interim government would hand over up to 50 million barrels of oil to the U.S. and that the oil would be sold “immediately.”
While Trump has said that he would control the proceeds of the sale, the Department of Energy also announced Jan. 7 that this would require “key banks to execute and provide financial support for these sales” and that proceeds would remain housed at “U.S. controlled accounts at globally recognized banks.”
Likewise, Trump signed an executive order Jan. 9 “declaring a national emergency to safeguard Venezuelan oil revenue held in U.S. Treasury accounts from attachment or judicial process, ensuring these funds are preserved to advance U.S. foreign policy objectives.”
As a result, the lawmakers have raised concerns because the Trump administration did not share any details regarding which financial institutions would be involved — prompting concerns from them about transparency regarding the destination of the funds.
