Cerro Negro heavy oil upgrader facility in the Orinoco Oil Belt near Cerro Negro, Venezuela, Dec. 4, 2004. (Ed Lallo/Getty Images)
Likewise, Trump signed an executive order Jan. 9 "declaring a national emergency to safeguard Venezuelan oil revenue held in U.S. Treasury accounts from attachment or judicial process, ensuring these funds are preserved to advance U.S. foreign policy objectives."
As a result, the lawmakers have raised concerns because the Trump administration did not share any details regarding which financial institutions would be involved — prompting concerns from them about transparency regarding the destination of the funds.
TRUMP ADMIN TO CONTROL VENEZUELAN OIL SALES IN RADICAL SHIFT AIMED AT RESTARTING CRUDE FLOW
It "appears that at least a portion of the oil proceeds will be held in the U.S. Treasury despite being the sovereign property of another country," the lawmakers wrote. "It is unclear whether and to what extent the Administration still plans to direct some proceeds of oil sales into accounts held at banks in the private sector."
"Given that rapidly evolving situation and the Administration’s failure to provide clarity on its plans for Venezuela’s oil and the funds raised from oil sales, we write to you to seek answers to the following questions," the lawmakers wrote.
This view shows the bulk carrier Ithaca Patience (R) and the crude oil tanker Nord Star, both from Panama, anchored on Lake Maracaibo, Venezuela on Jan. 7, 2026. (Maryorin Mendez/AFP via Getty Images)
The lawmakers are requesting answers from the bank by the end of January, and are also requesting the banks provide updates regarding their communication with the Trump administration on a monthly basis.
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The White House did not immediately respond to a request for comment from Fox News Digital.
Trump announced on Jan. 3 that he had authorized strikes in Venezuela and that the U.S. had captured its dictator, Nicolás Maduro. He then said that the U.S. would "run" Venezuela until a peaceful transition could occur.
Diana Stancy is a politics reporter with Fox News Digital covering the White House.
https://www.foxnews.com/politics/warren-launches-probe-major-banks-over-trump-venezuela-oil-sales