S.Amdt. 3462

SA 3462, submitted by Mr. Fetterman, aims to add requirements for records and reports on monetary instrument transactions involving works of art to bill S. 2296.

The amendment seeks to change the law by:

• Including people in the art trade—such as dealers, advisors, consultants, custodians, galleries, auction houses, museums, collectors, or other business intermediaries—in the reporting requirements of Section 5312 of title 31, United States Code.

• Creating exemptions for those who, in the prior year, had no single transaction over $10,000 involving a work of art, total transactions under $50,000 involving works of art, or those who sell art they created themselves.

• Defining a work of art as original paintings, sculptures, watercolors, prints, drawings, photographs, installation art, or video art, while excluding mass-produced decorative art (like ceramics, textiles, or carpets) and applied art (such as fashion, product, interior, or architectural design).

• Requiring the Secretary of the Treasury to update guidance regarding the risks of high-value artwork transactions involving sanctioned entities or persons within 360 days of the Act's enactment.

• Requiring the Secretary of the Treasury to issue proposed rules within 180 days to implement these changes, including decisions on geographical location, the status of agents or intermediaries, and potential exemptions.