Democratic senators led by Senate Banking, Housing and Urban Affairs Committee Ranking Member Elizabeth Warren sent letters to 15 major banks seeking information on any support they provided to the Trump Administration’s efforts to sell Venezuela’s oil and route the proceeds through “U.S.-controlled” accounts. The inquiry follows a Department of Energy fact sheet dated 7 January 2026 claiming the Administration has engaged “key banks” to execute and finance oil sales, but providing no details on the institutions involved, the accounts used, or the basis for the U.S. government’s stated discretion over disbursement. The requests were sent to Bank of America, Barclays, BMO, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, MUFG, RBC, Santander, Standard Chartered Bank, TD Bank and UBS. The senators asked whether the banks were contacted about participating in Venezuelan oil sales or handling the proceeds, whether they were engaged to provide financial or other support, whether they are holding or plan to hold proceeds in U.S.-controlled accounts and who owns those funds, and to produce all related communications with Administration officials on Venezuelan oil, Venezuela sanctions, or U.S. military engagement in Venezuela. Written responses are requested by 29 January 2026, and the letters also call for ongoing monthly document production as part of what the senators described as an active and continuing investigation.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-01-16
U.S. Senate Committee on Banking, Housing and Urban Affairs Democrats launch inquiry into 15 banks’ involvement in Trump Administration Venezuelan oil sales and U.S.-controlled proceeds accounts
Democratic senators, led by Senate Banking Committee Ranking Member Elizabeth Warren, have requested information from 15 major banks about their involvement in the Trump Administration's efforts to sell Venezuela's oil and manage proceeds through U.S.-controlled accounts. The inquiry seeks details on the banks' participation, financial support, and communications with Administration officials, with responses due by 29 January 2026 and ongoing monthly document production requested.