[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Pages S3455-S3456]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6330. Mr. FETTERMAN (for himself and Mr. Grassley) submitted an
amendment intended to be proposed by him to the bill S. 4784, to
authorize appropriations for fiscal year 2027 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
[[Page S3456]]
(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.
(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.--
(1) Section 6110(a) of the Anti-Money Laundering Act of
2020 (31 U.S.C. 5312 note) is amended--
(A) in paragraph (1)--
(i) in subparagraph (A), by striking ``(Y) and (Z) as
subparagraphs (Z) and (AA)'' and inserting ``(Z) and (AA) as
subparagraphs (AA) and (BB)''; and
(ii) by striking subparagraph (B) and inserting the
following:
``(B) by inserting after subparagraph (Y) the following:
`` `(Z) a person engaged in the trade of antiquities,
including an advisor, consultant, or any other person who
engages as a business in the solicitation or the sale of
antiquities, subject to regulations prescribed by the
Secretary;'.''; and
(B) in paragraph (2), by striking ``Section 5312(a)(2)(Y)''
and inserting ``Section 5312(a)(2)(Z)''.
(2) The Comprehensive Iran Sanctions, Accountability, and
Divestment Act of 2010 (22 U.S.C. 8501 et seq.) is amended--
(A) in section 104(i)(1)(C) (22 U.S.C. 8513(i)(1)(C)), by
striking ``(Z)'' and inserting ``(AA)''; and
(B) in section 104A(d)(1) (22 U.S.C. 8513b(d)(1)), by
striking ``(Z)'' and inserting ``(AA)''.
(3) Section 2(4) of the Ukraine Freedom Support Act of 2014
(22 U.S.C. 8921(4)) is amended by striking ``(Z)'' and
inserting ``(AA)''.
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