Report on trade and investment relations between the United States and Venezuela

(a) Report to congress Upon submitting to the appropriate congressional committees a determination under section 101(a) that a democratically elected government is in power in Venezuela, the President shall submit to the Committee on Ways and Means of the House of Representatives, the Committee on Finance of the Senate, and the appropriate congressional committees a report that describes— (1) acts, policies, and practices that constitute significant barriers to, or distortions of, United States trade in goods or services or foreign direct investment with respect to Venezuela; and (2) policy objectives of the United States regarding trade relations with a democratically elected government in Venezuela, and the reasons for such objectives, including possible reciprocal extension of nondiscriminatory trade treatment (most-favored-nation treatment). (b) Consultation With respect to the policy objectives described in subsection (a), the President shall— (1) consult with the Committee on Ways and Means of the House of Representatives, the Committee on Finance of the Senate, and the appropriate congressional committees; and (2) seek advice from the appropriate advisory committees established under section 135 of the Trade Act of 1974 (19 U.S.C. 2155).