Us Congress Senate Bill SB995

Us Congress 2023-2024 Regular Session

• Introduced: 3/28/23
• Refer: 3/28/23

Caption

Venezuelan Democracy Act

Impact

The bill proposes financial sanctions against the Maduro regime and any non-democratic government in Venezuela. It aims to prohibit U.S. entities from engaging in transactions involving debt instruments of the Venezuelan government, particularly those issued by the state oil company, Petróleos de Venezuela. Additionally, SB995 ensures that the U.S. opposes Venezuela's membership in international financial institutions until a democratically elected government is established. The sanctions and prohibitions are designed to apply pressure on the Maduro regime while promoting human rights and democracy among the Venezuelan people.

Summary

SB995 aims to address the ongoing crisis in Venezuela, focusing on supporting a transition to a democratic government and the provision of humanitarian assistance. The bill acknowledges the need for a difficult transition from the current regime, led by Nicolás Maduro, and outlines provisions for the U.S. to assist the Venezuelan people, specifically through appropriate channels such as international organizations and transition governments that reflect the will of the Venezuelan people. One of the main goals of SB995 is to promote the establishment of a democratically elected government in Venezuela, emphasizing the importance of free and fair elections.

Contention

Notable points of contention regarding SB995 include debates over the effectiveness of sanctions and the potential humanitarian implications for the Venezuelan population, who may suffer from increased economic hardship due to these measures. Critics argue that strict sanctions might exacerbate the situation for ordinary citizens, pushing them further into poverty and instability. Additionally, the bill's provisions to oversee humanitarian assistance and prevent it from benefitting the Maduro regime have sparked discussions on how to balance these actions with the urgent needs of the Venezuelan people during this crisis.