Venezuelan Congress seeks reform of law on oil windfall revenues
The bill submitted by the Venezuelan Parliament's Secretariat was okayed by the Finance Committee with no modifications whatsoever
The proposal was approved with no objections whatsoever. Ruling party legislators in the finance committee suggested holding a second discussion in the plenary session.
Opposition deputies, however, claimed that the bill failed to comply with all the constitutional procedures of public consultation. They argued that it was only posted on the National Assembly's website on Tuesday, and that the financial contributions set forth in the reform are intended to create a fund similar to the National Development Fund (Fonden), rather than establish a savings fund to prevent any macroeconomic disturbances.
The second reading of the bill is taking place on Wednesday afternoon in a special meeting convened for such purpose.
Translated by Jhean Cabrera
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."