Venezuelan opposition leader Juan Guaido, who many nations have recognized as the country's rightful interim ruler, talks to the media at a news conference in Caracas, Venezuela, April 2, 2019.
Venezuelan opposition leader Juan Guaido, who many nations have recognized as the country's rightful interim ruler, talks to the media at a news conference in Caracas, Venezuela, April 2, 2019.

The U.S. Senate has drafted a plan aimed at helping bring back democracy to Venezuela through economic aid and pushing U.S. allies to impose sanctions on the Maduro regime.

Eight Republicans and seven Democrats are co-sponsors of the Verdad Act — Venezuela Emergency Relief Democracy and Development.

Sen. Bob Menendez, D-N.J., speaks to members of th
Sen. Bob Menendez, D-N.J., speaks to members of the media after leaving a closed door meeting about Saudi Arabia with Secretary of State Mike Pompeo, Nov. 28, 2018, on Capitol Hill in Washington.

Democrat Bob Menendez of the Senate Foreign Relations Committee said the proposal is a bipartisan effort "to put teeth behind our support for the Venezuelan people as they seek to restore democracy and prosperity ... and end the nightmare that has been the Maduro reign of terror."

The act calls for a "peaceful diplomatic solution" in Venezuela while authorizing the Trump administration to spend another $400 million in humanitarian aid.

It also requires the State Department to work with Latin and European allies to impose their own sanctions on the Maduro regime. The U.S. would lift sanctions against Venezuelan officials not accused of human rights abuses if they recognize opposition leader Juan Guaido as interim president.

The U.S. would then work with global financial institutions to rebuild the Venezuelan economy after the Maduro regime falls.

Other co-sponsors of the act call Maduro's government "Illegitimate" and a "gang of narco-terrorist thugs holding the Venezuelan people hostage."

The Trump administration announced its own plans for revitalizing the disastrous Venezuelan economy once Maduro is gone, including cash contributions to citizens and food. 

Venezuela Foreign Affairs Minister Jorge Arreaza s
Venezuela Foreign Affairs Minister Jorge Arreaza shows pictures he said represent opposition members initiating violence during a meeting on Venezuela in the U.N. Security Council at U.N. headquarters, Tuesday Feb. 26, 2019.

Earlier Wednesday, Venezuelan Foreign Minister Jorge Arreaza accused Guaido of violating the country's constitution and called on the judiciary to take action. 

It was Guaido who said, as leader of the Venezuelan National Assembly, he has the constitutional authority to declare Maduro's presidency illegitimate, claiming he won a second term in December through a rigged election. 

Lawmakers loyal to Maduro have stripped Guaido of the immunity from prosecution he enjoyed as a member of parliament, putting him at the risk of arrest. 

The chief justice of the Venezuelan Supreme Court has said Guaido should be jailed for violating a court-imposed ban on leaving the country. Guaido visited several South American countries last month to seek support for his efforts to force Maduro to step down.