Venezuela Probes Opposition Deputy Over Dollarization Bill
Venezuela · POLITICS
Key Facts
- —What happened Venezuela’s National Assembly opened an investigation into opposition deputy Antonio Ecarri on 22 August 2026.
- —How big Ecarri was removed from leading the Venezuela–US parliamentary friendship group and faces sanctions.
- —The catch The dollarization bill is not officially submitted; it’s a personal initiative between Ecarri and Hanke.
- —Who pays No official government funding is involved; the collaboration is personal, not an assembly engagement.
- —What comes next Hanke may visit Venezuela, and the investigation continues without a formal notification to Ecarri as of 24 August.
The National Assembly investigates Antonio Ecarri over a dollarization plan with US economist Steve Hanke.
Venezuela’s National Assembly has opened an investigation into opposition deputy Antonio Ecarri over his promotion of a dollarization bill drafted with US economist Steve Hanke. Ecarri and Hanke publicly defend the bill as compatible with the constitution, with Hanke planning to visit Venezuela.
Investigation Announced
On 22 August 2026, National Assembly president Jorge Rodríguez announced an investigation into opposition deputy Antonio Ecarri. He accused Ecarri of proposing dollarization, violating the legal order.
Rodríguez removed Ecarri from his post as president of the Venezuela–US Parliamentary Friendship Group. He cited ‘irresponsible actions’ that violated national laws.
The removal and investigation were detailed in a formal communiqué Rodríguez published on 22 August. In the communiqué, Rodríguez said the Assembly’s directive board had begun an investigation to establish the wrongs committed by Ecarri.
International outlets like EFE and Reforma reported the news on 22 August. They noted the summary removal from the friendship group and the investigation.
Ecarri’s Dollarization Plan
On 21 August 2026, Antonio Ecarri announced he was working on a proposal to formalize dollarization. He said economist Steve Hanke was his adviser for this project.
Ecarri is president of the small Lápiz party and holds a seat in the National Assembly. His team clarified that the collaboration with Hanke was personal, not official.
He defended the plan on 24 August in a Caracas press conference. He said it aims to protect Venezuelan salaries in a dollarized economy.
Ecarri also said he had not yet received formal notification of the investigation. He continued to promote the dollarization bill.
Hanke’s Bill Details
Steve Hanke, a US economist, drafted a ‘full dollarization law’ for Venezuela, collaborating with Antonio Ecarri. The bill would abolish the bolívar and make the US dollar official.
It would shut down or limit the Central Bank of Venezuela’s monetary role. This ends the government’s ability to issue money.
Hanke reportedly assigns a 50–80% probability that the bill could be passed. This is an external assessment, not an official adoption process.
The bill remains a draft from outside government. No formal submission or legislative timetable is documented.
Constitutional Claims
In a 24 August interview with El Diario, Hanke claimed his bill is compatible with the Venezuelan Constitution. He cited Articles 156 and 318.
Article 156 deals with national economic and monetary competence. Article 318 defines the bolívar and sets the Central Bank’s framework.
Hanke did not provide the bill’s text or detailed legal reasoning. He insisted the project is coherent with constitutional provisions.
Rodríguez, however, accused Ecarri of violating Article 318. That article establishes the bolívar as the monetary unit.
Hanke’s Planned Visit
In his 24 August press conference, Ecarri announced that Steve Hanke will visit Venezuela. This is part of his advisory role on the dollarization proposal.
No specific date for the visit is given in reports. There is no confirmation from official government sources about coordination.
The relationship is consistently described as between Hanke and Ecarri personally. It is not an institutional engagement with the Assembly.
This visit could fuel further debate on dollarization. But the government has not endorsed the plan.
Dispute Over Hiring
Early reports from Fortune on 20 August suggested Hanke was a special adviser to a leader in the Assembly. That framing tied the project to the institution.
On 21 August, Jorge Rodríguez denied that the Assembly had hired Hanke. He called such reports ‘absolutely false’ and announced an internal inquiry.
Rodríguez described dollarization as a ‘stupid idea’ during a session. He initially did not name Ecarri.
Global Voices and Orinoco Tribune clarified that Hanke is not an official adviser. Any cooperation with Ecarri is at Ecarri’s own initiative.
Political Implications
The dollarization bill has not been endorsed by the sitting government. The Assembly leadership has instead opened an investigation and sanctioned Ecarri.
International outlets portray the initiative as part of a broader debate on formal dollarization. Venezuela is already heavily dollarized in practice.
The draft faces significant constitutional and political obstacles. The government has shown no intention to support it.
As of 24–25 August, the situation remains contentious. The investigation continues without a set timeline.
Future Outlook
Antonio Ecarri and Steve Hanke continue to defend the dollarization bill publicly. Hanke’s planned visit may bring more attention to the proposal.
The National Assembly’s investigation could lead to sanctions against Ecarri. No formal notification has been received as of 24 August.
The bill has no official status in the legislature. It remains a personal initiative between Ecarri and Hanke.
Observers will watch whether the government shifts position on dollarization. For now, the leadership has rejected the idea firmly.
Frequently Asked Questions
What is the investigation against Antonio Ecarri about?
The National Assembly is investigating Ecarri for proposing a dollarization bill. It alleges he violated rules and the constitution.
Who is Steve Hanke and what is his role?
Steve Hanke is a US economist who drafted the dollarization bill with Ecarri. He advises Ecarri personally, not the Assembly.
Is the dollarization bill officially submitted?
No, the bill is a draft from outside government. It has not been formally submitted to the National Assembly.
Will Steve Hanke visit Venezuela?
Ecarri said Hanke will visit, but no date is confirmed. There is no official government coordination.
What happens next in this case?
The investigation continues, and Ecarri may face sanctions. The bill has no official status yet.
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