Hagerty, Cruz, Colleagues Reintroduce Legislation to use Funds Seized From Corrupt Venezuelan Individuals for the Venezuelan People

October 31, 2023

WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations Committee, joined Senator Ted Cruz (R-TX), along with Senators John Barrasso (R-WY), Marco Rubio (R-FL), Pete Ricketts (R-NE), Rick Scott (R-FL), and Todd Young (R-IN), in reintroducing the Preserving Accountability for National Assets (PANA) Act, legislation to take assets seized from individuals connected to the Chavez and Maduro regimes who are convicted of corruption and place them in a “Venezuela Restoration Fund” to be used by the State Department for building up Venezuelan democracy and civil society.

“The illegitimate, leftist, anti-American Maduro regime has left a trail of devastation in its wake—billions stolen, democracy dismantled, and the world’s largest refugee crisis,” said Senator Hagerty. “I’m pleased to join my colleagues in this effort to ensure that frozen funds are directed to support a democratic restoration and economic revival in Venezuela.”

“Corruption is rampant among the leading individuals connected to the Chavez and Maduro regimes in Venezuela,” said Senator Cruz. “Venezuelans have seen billions of dollars stolen from them, leaving their country impoverished. This bill will hold bad actors accountable and provide much-needed support to those Venezuelans who are working to restore freedom in their country.”

The U.S. has identified, prosecuted, and convicted corrupt individuals that have profited from the Venezuelan regimes of Hugo Chavez and Nicolas Maduro. The PANA Act would use the funds seized from these individuals to strengthen democratic governance and institutions, defend internationally recognized human rights for the people of Venezuela, support the efforts of independent media outlets, combat corruption, and improve the transparency and accountability of institutions that have been part of the Chavez or Maduro regimes.

Full text of the PANA Act can be found here.