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Sen. Elizabeth Warren, D-Mass, and other Democratic senators have spearheaded an investigation into the role major U.S. banks will play in assisting the Trump administration sell Venezuelan oil.
The inquiry comes after President Donald Trump announced that Venezuela’s interim government would hand over up to 50 million barrels of oil to the U.S. and that the oil would be sold “immediately.”
While Trump has said that he would control the proceeds of the sale, the Department of Energy also announced Jan. 7 that this would require “key banks to execute and provide financial support for these sales” and that proceeds would remain housed at “U.S. controlled accounts at globally recognized banks.”
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.
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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.
Sen. Elizabeth Warren, D-Mass, and other Democratic senators have spearheaded an investigation into the role major U.S. banks will play in assisting the Trump administration sell Venezuelan oil. (Al Drago/Bloomberg via Getty Images)
As a result, the lawmakers requested that the banks provide details on whether the Trump administration contacted them about becoming involved in the sale of Venezuelan oil or handling the proceeds of such sales, if they were solicited to provide financial or other kinds of support for the oil sales, if they are holding or plan to hold proceeds from Venezuelan oil sales in U.S.-controlled accounts, and all communications between the banks and administration officials regarding Venezuelan oil and military operations there.
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The letters were sent to financial institutions including the Bank of America, Goldman Sachs, UBS and others.
Bank of America and Goldman Sachs declined to provide comment to Fox News Digital, and UBS did not immediately respond to a request for comment from Fox News Digital.
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.
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