,,ii  #aaith ,,congress  #ast ,session  
,s4 #bdjj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bc1     
#bjbe,mr4 ,fetterman 7for himself1 ,mr4 
,grassley1 ,mr4 ,whitehouse1 ,mr4       
,mc,cormick1 ,mr4 ,kim1 and ,mr4        
,cassidy7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,a ,,bill  ,to     
amend title #ca1 ,united ,states ,code1 
to subject certain art traders to       
provisions relating to records and      
reports on monetary instruments         
transactions4  #a4 ,short title ,this   
,act may be cited as the ,art ,market   
,integrity ,act4  #b4 ,records and      
reports on monetary instruments         
transactions  7a7 ,records and reports  
7#a7 ,in general ,section #ecab of title
 #ca1 ,united ,states ,code1 is         
amended-- 7,a7 in subsection 7a77#b7--  
7i7 by redesignating subparagraphs 7,y7 
and 7,z7 as subparagraphs 7,z7 and      
7,,aa71 respectively2 and  7ii7 by      

inserting after subparagraph 7,x7 the   
following3  7,y7 a person engaged in the
 trade in works of art1 including a     
dealer1 advisor1 consultant1 custodian1 
gallery1 auction house1 museum1         
collector1 or any other person who      
engages as a business as an intermediary
 in the sale of works of art1 unless the
 person-- 7i7 during the prior year1    
participated in no single transaction   
valued over #aj1jjj that involved a work
 of art2  7ii7 has not1 during the prior
 year1 participated in total            
transactions valued at #ej1jjj that     
involved a work of art2 or  7iii7 is a  
person engaged in the art market for the
 sole purpose of selling works of art   
created by the person4  2 and  7,b7 in  
subsection 7c71 by adding at the end the
 following3  7#b7 ,work of art ,the term
 work of art means any original         
painting1 sculpture1 watercolor1 print1 
drawing1 photograph1 installation art1  
or video art1 not including-- 7,a7      
applied art such as product design1     

fashion design1 architectural design1 or
 interior design2 or  7,b7 mass-produced
 decorative art1 including ceramics1    
textiles1 or carpets4  4  7#b7          
,effective date ,the amendments made by 
paragraph 7#a7 shall take effect on the 
earlier of-- 7,a7 the effective date of 
the rules issued under subsection 7c72  
and  7,b7 the date that is #cfj days    
after the date of enactment of this     
,act4  7b7 ,mandatory update to         
,treasury guidance on art transactions  
7#a7 ,in general ,not later than #cfj   
days after the date of enactment of this
 ,act1 the ,secretary of the ,treasury  
shall issue updated guidance to the     
advisory issued by the ,office of       
,foreign ,asset ,control on ,october    
#cj1 #bjbj1 regarding the risks of      
high-value artwork transactions         
involving sanctioned persons or         
entities4  7#b7 ,interagency            
coordination ,the ,secretary of         
,treasury shall consult and coordinate  
with appropriate ,federal agencies to   

update the guidance described in        
paragraph 7#a74  7c7 ,rulemaking ,not   
later than #ahj days after the date of  
enactment of this ,act1 the ,secretary  
of the ,treasury 7acting through the    
,director of the ,financial ,crimes     
,enforcement ,network71 in consultation 
and coordination with appropriate       
,federal agencies1 shall issue proposed 
rules to carry out the amendments made  
by subsection 7a71 including-- 7#a7     
determining which persons should be     
subject to the rulemaking based on      
domestic or international geographical  
location2  7#b7 the degree to which the 
regulations should apply based on status
 as an agent or intermediary acting on  
behalf of a purchaser2 and  7#c7 whether
 certain exemptions should apply to the 
regulations4  7d7 ,technical and        
conforming amendments ,section #faaj7;a7
 of the ,anti-,money ,laundering ,act of
 #bjbj 7title ,,lxi of division ,f of   
the ,william ,m4 7,mac7 ,thornberry     
,national ,defense ,authorization ,act  

for ,fiscal ,year #bjba 7,public ,law   
#aaf-bhc2 #acd ,stat4 #defa77 is        
amended-- 7#a7 in paragraph 7#a7-- 7,a7 
in subparagraph 7,a7-- 7i7 by striking  
subparagraphs 7,z7 and 7,,aa7 and       
inserting subparagraphs 7,,aa7 and      
7,,bb72 and  7ii7 by striking           
subparagraphs 7,y7 and 7,z7 and         
inserting subparagraphs 7,z7 and 7,,aa72
 and  7,b7 in subparagraph 7,b7-- 7i7 by
 striking subparagraph 7,x7 and         
inserting subparagraph 7,y72 and  7ii7  
by striking #87,y7 a and inserting      
#87,x7 a2 and  7#b7 in paragraph 7#b71  
by striking ,section #ecab7;a77#b77,y7  
and inserting ,section                  
#ecab7;a77#b77,x74