The VALOR Act of 2024 aims to support democratic change in Venezuela by outlining U.S. policies and sanctions, assisting Venezuelan citizens, and promoting political and human rights. It includes measures such as financial sanctions, assistance for the Venezuelan people, and specific reporting requirements related to U.S. trade relations and international support involving Venezuela.

The U.S. policy outlined in this section aims to achieve a peaceful transition to democracy in Venezuela by supporting its people and using diplomatic tools like sanctions against the Maduro regime and any nondemocratic successors. It seeks international cooperation, aims to halt assistance to the regime from countries like Cuba, Iran, Russia, and China, and plans to maintain or reduce sanctions based on Venezuela's progress toward democratization and respecting human rights.

In this section, the term “appropriate congressional committees” refers to certain specific committees in the U.S. Congress: the Senate's Committees on Foreign Relations and Banking, Housing, and Urban Affairs, and the House of Representatives' Committees on Foreign Affairs and Financial Services.

The U.S. President must determine and report to Congress that Venezuela has a democratically elected government, which means the government was chosen through free and fair elections, respects human rights, has an independent judiciary, and does not include certain sanctioned individuals. Additionally, Venezuela must meet various conditions such as freeing political prisoners, allowing opposition candidates, and permitting international human rights monitors.

The section outlines the U.S. position on Venezuela's participation in international financial institutions. It instructs U.S. representatives to oppose including representatives from Venezuela's nondemocratic government in these institutions, but to support those from a democratically elected government when in power. Additionally, it defines "international financial institution" to include organizations like the International Monetary Fund and the World Bank.

The United States policy requires its representative to the Organization of American States to oppose any actions that would allow Venezuela's government to participate if it is not democratically elected. This will continue until the President informs Congress that Venezuela has a democratic government in place.

The text authorizes the President to support democratic and human rights groups, and OBSERVERS in Venezuela, focusing on the Organization of American States (OAS) to create an emergency fund for deploying human rights observers and election support; the U.S. will contribute at least $5 million to this fund and encourage other countries to support human rights monitoring in Venezuela. Additionally, it ensures no funds are given to Venezuela's government unless it is democratic.

The President is authorized to offer support through independent groups for humanitarian and educational projects in Venezuela, focusing on areas like basic needs, democracy, and environmental protection. Additionally, measures must be taken to ensure this aid does not benefit the Maduro regime and is used solely for the Venezuelan people.

The section defines key terms used in the bill, such as "entity," which includes various types of organizations like partnerships and corporations; "Government of Venezuela," encompassing the Venezuelan state, its agencies, and those associated with its regime; "person," meaning an individual or entity; and "United States person," which covers U.S. citizens, legal residents, entities organized under U.S. law, and individuals physically present in the U.S.

The section outlines U.S. policy and possible sanctions regarding countries that support the nondemocratic government in Venezuela. It authorizes the President to restrict economic relations with Venezuela and impose sanctions on countries aiding Venezuela's government, except for humanitarian aid and medical exports, and details circumstances under which these measures can be lifted.

United States persons and entities within the United States are prohibited from engaging in financial transactions involving debt instruments tied to the Maduro regime in Venezuela, including those issued by Petroleos de Venezuela, S.A. This includes restrictions on purchasing securities, conducting transactions on pledged collateral after May 21, 2018, and attempting to circumvent these rules, with the Treasury and State Departments responsible for implementing regulations and delegating authority as necessary.

The section outlines that, starting from the date the Act is enacted, it is prohibited for U.S. citizens and businesses to engage in transactions involving digital currency issued by the Venezuelan government under Nicolas Maduro. It also authorizes the Secretary of the Treasury to create rules to enforce this ban, with the possibility of delegating enforcement authority to other government officials or agencies.

The bill empowers the President to block and prevent all transactions related to property of the Government of Venezuela or people supporting them if these properties are under U.S. control. It also outlines enforcement, including rules by the Treasury and a prohibition on efforts to dodge these restrictions, applying to agreements made before the law's enactment.

The section outlines the process for ending sanctions against Venezuela if a democratically elected government is established, requiring the President to notify Congress and submit periodic reports on Venezuela's progress. It also details how Congress can disapprove of the President's action through a "joint resolution of disapproval," which, if enacted, would stop the termination of sanctions, and explains the procedures and limitations for considering such resolutions in both the Senate and the House of Representatives.

The President can use certain powers to enforce this title of the law and impose penalties on anyone who violates its rules. Violators face penalties similar to those in the International Emergency Economic Powers Act. However, the President can waive sanctions for foreign persons if it is determined to be in the national security interest of the United States, with a required notice and explanation to Congress.

The section requires the Secretary of the Treasury, along with the Secretary of State, to submit a report every 180 days for ten years, detailing specific licenses that allow transactions with sanctioned persons. These reports must list the licenses issued, explain activities and justifications, and provide any requested business confidential information, while respecting the confidentiality of trade secrets as per U.S. law.

The section mandates that within 180 days of the law being enacted, the Secretary of State must deliver a report to Congress listing foreign individuals or groups involved in significant dealings or support with the Venezuelan government or certain individuals linked to anti-democratic actions, violence, human rights abuses, censorship, or corruption in Venezuela. It also includes those operating in specific economic sectors or zones in Venezuela, and entities supporting such foreign persons.

The bill section outlines a plan for the U.S. to give aid to Venezuela once a democratically elected government is in place. The plan involves providing food, medical supplies, and financial support, coordinating with international partners, and updating Congress regularly on progress.

The President must report to Congress about the trade and investment relationship between the United States and Venezuela once a democratically elected government is in place in Venezuela. This report should outline barriers and policy goals regarding trade with Venezuela and involve consultations with congressional and advisory committees.

The section clarifies that the Act does not interfere with or prevent any legally authorized activities conducted by U.S. law enforcement or intelligence agencies.

The section explains that the law does not allow or require sanctions on importing goods, despite any other rules in the law. It also clarifies that "goods" include all products and supplies except for technical data.