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Shown Here: Introduced in House (07/19/2007)
110th CONGRESS 1st Session
H. RES. 560
Regarding the recent actions of Hugo Chavez
and the Government of Venezuela.
IN THE HOUSE OF REPRESENTATIVES
July 19, 2007
Mr. Barton of Texas
(for himself, Mr. Hastert,
Mr. Mack, Mr. Upton, Mr.
Burgess, Mrs. Myrick,
Mr. Radanovich,
Mrs. Bono,
Mr. Buyer,
Mr. Sullivan,
Mr. Sessions,
Mr. Carter,
Mr. McCaul of Texas,
Mrs. Blackburn,
Mr. Westmoreland,
Mr. Walberg,
Mr. Peterson of Pennsylvania,
Mr. Burton of Indiana,
Mr. Culberson,
Mr. David Davis of Tennessee,
Mr. Campbell of California,
Mr. Issa, Mr. Franks of Arizona,
Mr. LaHood,
Mr. Wolf, Mr. Conaway, Mr.
Pearce, Mr. Deal of
Georgia, Mr. McCarthy of
California, Mr. Wilson of South
Carolina, Mr. Gillmor,
Mr. Sam Johnson of Texas,
Mrs. Drake,
Mr. Feeney,
Mr. Smith of Texas,
Mr. Calvert,
Mr. Stearns,
Mr. Cole of Oklahoma,
Mr. Tiahrt, and
Mr. Shadegg) submitted the following
resolution; which was referred to the Committee on Foreign
Affairs
RESOLUTION
Regarding the recent actions of Hugo Chavez
and the Government of Venezuela.
Whereas the sanctity of contract is fundamental to the
global economic well being;
Whereas respect for private property forms the back bone
of legitimate trade and investment;
Whereas Hugo Chavez and the regime he controls have
unjustly taken control of majority stakes of Venezuelan operations of 6 major
energy companies;
Whereas Hugo Chavez and the Venezuelan national oil
company, Petroleos de Venezuela, has stripped all operational control from the
companies that have invested time, money, and hard work creating energy
development projects in Venezuela;
Whereas American scientists, engineers, and business
people have provided the talent and capital to create these projects
benefitting the people of both nations;
Whereas the shareholders of 2 major American energy
companies have been robbed of over $3,500,000,000 in investments and tens of
billions of dollars in potential earnings as a result of these companies having
been driven from the market;
Whereas following these events, the companies’
shareholders immediately saw a significant loss in the value of their
investments;
Whereas these events may produce a strong deterrent to
investment by private energy companies thereby limiting the world’s supply of
petroleum;
Whereas according to many energy experts, the cost of
developing these resources has increased and ultimately the people of Venezuela
will be hurt economically by these decisions;
Whereas the nationalization of industry is a misguided
economic model; and
Whereas the actions of Hugo Chavez continue to threaten
international energy security: Now, therefore, be it
Resolved, That the House of Representatives—
(1) expresses its
outrage over the recent actions of Hugo Chavez;
(2) encourages the protection of investment and
respect for the sanctity of property rights;
(3) recognizes the hard work and contributions
of American workers, engineers, and scientists abroad, without whom, these
projects in Venezuela would not exist;
(4) urges American
companies to stand up for the property rights of their shareholders in the face
of unjust practices; and
(5) urges the United
States Government to continue providing a model of public-private cooperation
to the world in delivering on the energy needs of its citizens.