Schumer dials up oversight pressure on Trump's Venezuela oil fund
Source: Politico
02/11/2026 04:46 AM EST
Senate Minority Leader Chuck Schumer and California Democrat Adam Schiff are introducing a bill Wednesday that would direct the Government Accountability Office to investigate the Trump administration’s handling of the proceeds from the sale of millions of barrels of Venezuelan oil.
The Trump administration has said it plans to sell Venezuela’s oil indefinitely as it seeks to stabilize the country and nudge it toward democracy. The funds from the initial sales were funneled into an offshore account in Qatar, an arrangement criticized by Democrats and former administration officials who said it raises risks of fraud and corruption.
“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,” Schumer said in a statement. “There is no reason that Trump should be circumventing the US banking system and lining the pockets of his Big Oil Buddies rather than driving down costs for hardworking Americans.”
Schumer and Schiff’s bill, shared first with POLITICO, would require GAO to launch the probe within 30 days and report its findings to Congress within 90 days of completing it. It also requires GAO to alert Congress if the Trump administration tries to impede the investigation. Schumer and Schiff are pushing for the closure of the accounts in Qatar and urging the Trump administration to instead deposit the funds into traditional U.S. institutions subject to Congressional oversight.
Read more: https://www.politico.com/news/2026/02/11/schumer-pressure-trump-venezuela-oil-fund-00775358
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