[Congressional Record Volume 171, Number 133 (Friday, August 1, 2025)]
[Senate]
[Pages S5237-S5238]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3462. Mr. FETTERMAN submitted an amendment intended to be proposed 
by him to the bill S. 2296, to authorize appropriations for fiscal year 
2026 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. RECORDS AND REPORTS ON MONETARY INSTRUMENTS 
                   TRANSACTIONS.

       (a) Records and Reports.--
       (1) In general.--Section 5312 of title 31, United States 
     Code, is amended--
       (A) in subsection (a)(2)--
       (i) by redesignating subparagraphs (Y) and (Z) as 
     subparagraphs (Z) and (AA), respectively; and
       (ii) by inserting after subparagraph (X) the following:
       ``(Y) a person engaged in the trade in works of art, 
     including a dealer, advisor, consultant, custodian, gallery, 
     auction house, museum, collector, or any other person who 
     engages as a business as an intermediary in the sale of works 
     of art, unless the person--
       ``(i) during the prior year, participated in no single 
     transaction valued over $10,000 that involved a work of art;
       ``(ii) has not, during the prior year, participated in 
     total transactions valued at $50,000 that involved a work of 
     art; or
       ``(iii) is a person engaged in the art market for the sole 
     purpose of selling works of art created by the person.''; and
       (B) in subsection (c), by adding at the end the following:
       ``(2) Work of art.--The term `work of art' means any 
     original painting, sculpture, watercolor, print, drawing, 
     photograph, installation art, or video art, not including--
       ``(A) applied art such as product design, fashion design, 
     architectural design, or interior design; or
       ``(B) mass-produced decorative art, including ceramics, 
     textiles, or carpets.''.
       (2) Effective date.--The amendments made by paragraph (1) 
     shall take effect on the earlier of--
       (A) the effective date of the rules issued under subsection 
     (c); and
       (B) the date that is 360 days after the date of enactment 
     of this Act.
       (b) Mandatory Update to Treasury Guidance on Art 
     Transactions.--
       (1) In general.--Not later than 360 days after the date of 
     enactment of this Act, the Secretary of the Treasury shall 
     issue updated guidance to the advisory issued by the Office 
     of Foreign Asset Control on October 30, 2020, regarding the 
     risks of high-value artwork transactions involving sanctioned 
     persons or entities.

[[Page S5238]]

       (2) Interagency coordination.--The Secretary of Treasury 
     shall consult and coordinate with appropriate Federal 
     agencies to update the guidance described in paragraph (1).
       (c) Rulemaking.--Not later than 180 days after the date of 
     enactment of this Act, the Secretary of the Treasury (acting 
     through the Director of the Financial Crimes Enforcement 
     Network), in consultation and coordination with appropriate 
     Federal agencies, shall issue proposed rules to carry out the 
     amendments made by subsection (a), including--
       (1) determining which persons should be subject to the 
     rulemaking based on domestic or international geographical 
     location;
       (2) the degree to which the regulations should apply based 
     on status as an agent or intermediary acting on behalf of a 
     purchaser; and
       (3) whether certain exemptions should apply to the 
     regulations.
       (d) Technical and Conforming Amendments.--Section 6110(a) 
     of the Anti-Money Laundering Act of 2020 (title LXI of 
     division F of the William M. (Mac) Thornberry National 
     Defense Authorization Act for Fiscal Year 2021 (Public Law 
     116-283; 134 Stat. 4561) is amended--
       (1) in paragraph (1)--
       (A) in subparagraph (A)--
       (i) by striking ``subparagraphs (Z) and (AA)'' and 
     inserting ``subparagraphs (AA) and (BB)''; and
       (ii) by striking ``subparagraphs (Y) and (Z)'' and 
     inserting ``subparagraphs (Z) and (AA)''; and
       (B) in subparagraph (B)--
       (i) by striking ``subparagraph (X)'' and inserting 
     ``subparagraph (Y)''; and
       (ii) by striking `` `(Y) a'' and inserting `` `(X) a''; and
       (2) in paragraph (2), by striking ``Section 5312(a)(2)(Y)'' 
     and inserting ``Section 5312(a)(2)(X)''.
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