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