Democrats Demand Transparency on Venezuelan Oil Money Controlled by U.S.

Lawmakers say the Trump administration's secrecy around the funds parked in an overseas bank could lead to corruption.

Published on Feb. 11, 2026

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Congressional Democrats are escalating efforts to ensure more oversight of hundreds of millions of dollars in Venezuelan oil proceeds being controlled by the Trump administration. They say the arrangement is unregulated, opaque, and susceptible to corruption, as the administration has asserted it will control the money. Democrats introduced legislation calling for an independent audit of the funds and their uses, arguing the administration is circumventing Congress and the law.

Why it matters

The Democrats' push for transparency aims to prevent potential corruption and ensure the Venezuelan oil money is used appropriately, rather than being diverted for the administration's own purposes. There are concerns the arrangement could amount to an illegal transfer of property to avoid creditors, given the history of corruption in Qatar and Venezuela.

The details

The Democrats say the Trump administration is holding the Venezuelan oil money, estimated at up to $500 million, in a Qatari account without proper legal authority or oversight. Administration officials have provided conflicting explanations about the arrangement, with Secretary of State Marco Rubio promising audits but Treasury Secretary Scott Bessent unable to cite the legal basis for the government's control of the funds. The Democrats argue the administration is operating outside the appropriations process and federal law requiring excess funds to be deposited in the Treasury.

  • The legislation was introduced on Wednesday, February 11, 2026.
  • The Government Accountability Office audit would begin within 30 days of the legislation's approval and issue its findings to Congress within 90 days of completing its work.

The players

Chuck Schumer

Democratic Senator from New York and Senate Minority Leader.

Adam B. Schiff

Democratic Senator from California.

Marco Rubio

U.S. Secretary of State.

Scott Bessent

U.S. Treasury Secretary.

Sean Casten

Democratic Representative from Illinois.

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What they’re saying

“The American people deserve to know what's happening with the money received from these Venezuelan oil payments and where — and to whom — they are going.”

— Chuck Schumer, Senator, New York (The New York Times)

“There is no reason that Trump should be circumventing the U.S. banking system and lining the pockets of his big oil buddies rather than driving down costs for hard-working Americans.”

— Chuck Schumer, Senator, New York (The New York Times)

“It is not obvious to me that they have permission to just establish an overseas account.”

— Brian Schatz, Senator, Hawaii (The New York Times)

What’s next

The proposed legislation calls for the Government Accountability Office to begin an audit within 30 days of its approval and issue its findings to Congress within 90 days.

The takeaway

This case highlights concerns about the Trump administration's opaque handling of Venezuelan oil money, which Democrats argue circumvents Congress and the law. The push for transparency aims to prevent potential corruption and ensure the funds are used appropriately, rather than being diverted for the administration's own purposes.