To authorize the Development Finance Corporation to invest in Venezuela.
HB8974 would amend the BUILD Act of 2018 to remove Venezuela from the list of “countries of concern” and expressly authorize the U.S. International Development Finance Corporation (DFC) to invest in the Bolivarian Republic of Venezuela. The bill does this by striking the Venezuela-specific restriction in the statute and revising the country-of-concern definition so that Venezuela is no longer treated as barred under that provision.
In practical terms, the measure would open the door for DFC-backed financing, investment, or related development support in Venezuela notwithstanding any other law. The bill is narrowly drafted and does not itself create a new program; instead, it changes the legal status of Venezuela under the DFC’s governing statute so the agency can consider investments there.
The bill would amend 22 U.S.C. 9601(3), the BUILD Act’s definition of “country of concern,” and would override existing statutory barriers that currently prevent DFC investment in Venezuela. If enacted, it would change federal law governing the DFC’s geographic investment restrictions and could affect how U.S. development finance is deployed in Venezuela, including potential support for reconstruction, private-sector development, or other economic activity. The bill would not directly alter state law, but it would affect federal foreign assistance and investment policy and the entities that may seek DFC financing or guarantees for Venezuela-related projects.
There is limited recorded discussion or voting history available for this bill, so overall sentiment cannot be measured from committee debate or floor action. The bill’s introduction by Representatives Issa and Salazar suggests bipartisan interest in revisiting U.S. restrictions on Venezuela, but the absence of transcripts or votes means there is no documented consensus or opposition in the provided materials. Based on the text alone, the bill appears to be a targeted policy change rather than a broadly controversial omnibus measure.
The main point of contention is likely to be whether the United States should relax restrictions on investment in Venezuela at all, given concerns about the Maduro government, sanctions policy, human rights, corruption, and the risk that U.S.-backed capital could indirectly benefit the regime. Supporters would likely argue that allowing DFC investment could aid economic recovery, support democratic transition, and encourage private-sector engagement. Opponents would likely worry that the change could weaken pressure on the Venezuelan government or conflict with broader U.S. sanctions and foreign policy objectives.