119-s2400

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2400 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 2400

 To amend title 31, United States Code, to subject certain art traders 
 to provisions relating to records and reports on monetary instruments 
 transactions.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 23, 2025

 Mr. Fetterman (for himself, Mr. Grassley, Mr. Whitehouse, Mr. 
 McCormick, Mr. Kim, and Mr. Cassidy) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 A BILL

 To amend title 31, United States Code, to subject certain art traders 
 to provisions relating to records and reports on monetary instruments 
 transactions.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Art Market Integrity Act''.

SEC. 2. 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.

    (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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