By David J. Lynch, USA TODAY
Venezuelan President Hugo Chavez said Monday he would nationalize the country's electricity industry and its largest telecommunications provider, which could have an impact on major U.S. investors in his oil-rich country.
In a televised address, Chavez, who will be sworn in Wednesday to a second six-year term, also said he would ask the legislature, controlled by his allies, to let him rewrite Venezuela's economy through presidential decree.
"All of that which was privatized, let it be nationalized," Chavez said. "The nation should recover its ownership of strategic sectors."
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