Reps. Castro, Meeks, Bera Demand Trump Administration Release Overdue Audit of Venezuelan Oil Fund
WASHINGTON, DC – Reps. Joaquin Castro (TX-20), Ranking Member of the House Foreign Affairs Subcommittee on the Western Hemisphere and a senior member of the House Permanent Select Committee on Intelligence, Gregory W. Meeks (NY-05), Ranking Member of the House Foreign Affairs Committee, and Ami Bera, M.D. (D-CA), Ranking Member of the House Foreign Affairs Subcommittee on East Asia and Pacific, demanded Secretary Marco Rubio release the results of long-promised audits of the Foreign Government Deposit Funds, the account established after the Trump Administration seized Venezuelan oil revenues.
The State Department made a clear commitment to Congress and has not kept it, the Members wrote to Rubio, “Senior Bureau Official Michael Kozak confirmed that KPMG has been commissioned as an independent auditor to review transactions flowing through this account. Mr. Kozak indicated that audits would be conducted on at least a quarterly basis and that the review would be retrospective in scope, covering the full period since the fund’s establishment, including the period prior to KPMG’s formal engagement. He committed to following up with the Committee on the anticipated release date of the first report.” That report has not materialized.
The Members underscored that the State Department oversees billions of dollars in funds without transparency or guardrails, writing, “According to statements made at the April hearing, approximately $3 billion in Venezuelan oil revenues have moved through this fund, as of April 16, 2026. The balance in the account has fluctuated significantly, ranging from near zero to over $1 billion during the month of April alone. Disbursements have included payroll for Venezuelan government employees and liquidity injections into Venezuela’s financial system.”
BACKGROUND:
In the letter, the members requested all KPMG audits and findings, anticipated reports of financial monitoring, all contracts pertaining to the audits, and all future audits transmitted to Congress within 30 days of completion. The members also requested a complete accounting of all disbursements made from the fund since its establishment.
The Members request a response by October 8, 2026. Read the full letter here.
ADDITIONAL INFROMATION:
On September 15, Western Hemisphere Subcommittee members voted on a motion offered by Rep. Castro to subpoena the Trump Administration for records on its deal with North American Blue Energy Partners (NABEP) to take equity stakes and control over 17 Venezuelan oil fields. To learn more, click here.