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January 25, 2022 • 06:19 PM

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CFIF Urges Trump Admin to Protect Assets and Operations in Venezuela By Renewing General Licenses Waiving Sanctions Print
By CFIF Staff
Wednesday, October 28 2020

October 28, 2020  

The Honorable Donald Trump
Office of the President of the United States
The White House
1600 Pennsylvania Avenue
Washington, D.C. 20006 

Re:  Renewal of U.S. Business Licenses to Protect Assets and Operations in Venezuela 

Dear Mr. President:  

Over the past four years, your administration has rightfully targeted the rogue Maduro regime of Venezuela for its endless record of corruption and human rights abuses.  As part of that ongoing effort, you’ve protected vulnerable American companies conducting business in Venezuela from suffering asset seizure and appropriation at the hands of the Maduro regime by granting them specific waivers to continue operations within its borders.  The unsettling alternative to that approach, in the form of any potential policy change by the Treasury Department on granting those business licenses, would force American companies to surrender their assets to the kleptocratic and oppressive Venezuelan government.  

Indeed, that alternative course would merely serve to expel American companies from Venezuela and only strengthen the Maduro regime.  The reason for that is simple.  When American companies retreat from Venezuela, they must abandon valuable assets, which the Maduro regime in turn exploits to enrich their state-owned enterprises.  

As just two examples, we can look to the experiences of General MotorsDirecTV and Coca-Cola.  Or consider the case of Chevron, whose vast assets would quickly be appropriated.  Experts agree that within 45 days, Russian or Chinese actors would be capable of restarting petroleum production at levels equaling or even exceeding previous levels.  That would also trigger the unwelcome consequence of mitigating the effects of oil sanctions imposed upon the Maduro regime, while leaving an American company with billions of dollars of property lost to Maduro appropriation.  The unfortunate reality is that U.S. companies wouldn’t be compensated for Venezuelan theft of their properties, while those same properties would strengthen the Maduro regime.  

American companies actually serve a positive capacity when allowed to continue operations in Venezuela.  Numerous U.S. enterprises have operated in Venezuela for decades, preceding both the Maduro and Hugo Chavez regimes that have wreaked such havoc that once made Venezuela Latin America’s wealthiest nation.  Not only do they visibly represent American values and the possibility of prosperity for the people of Venezuela, but they also provide well-paying jobs and labor protections that would evaporate if state-owned enterprises took over operations.  Those American companies also support communities where the Maduro regime has failed to act, by providing healthcare and nutrition for needy Venezuelans, who continue to rely upon foreign support for humanitarian needs due to Maduro government failures.  

It’s therefore critical that your administration send a clear signal to the Maduro regime that it cannot confiscate U.S. business assets, and that we will not allow it to enrich itself via American enterprises.  The way to send that signal, and to protect U.S. businesses, is to grant those enterprises licenses to continue operations and protect their assets.  

We therefore respectfully urge you to renew licenses for U.S companies to continue operations in Venezuela, which will allow them to protect their invaluable assets and investments, while signaling that the United States remains committed to the democratic and free market values that we represent.  Thank you very much for your consideration of this critical matter.  

Sincerely,
/s/
Jeffrey Mazzella
President

Quiz Question   
In addition to fuel, how many products are made from oil and natural gas?
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"While Joe Biden and Nancy Pelosi go all out to protect Ukraine's national sovereignty, at the same time they are orchestrating a clandestine invasion of America across the southern border."Two million illegal immigrants from dozens of countries crossed over from Mexico last year, and the Biden administration is facilitating the cartels' people-smuggling operation -- at taxpayer expense."Under cover…[more]
 
 
—Miranda Devine, Columnist
— Miranda Devine, Columnist
 
Liberty Poll   

Given the current volatility of financial markets, how are your investments, IRAs and other retirement accounts doing?