Text of Senate Amendment 6330

On 2026-06-24, Senator John Fetterman (D-PA) delivered a floor speech titled "Text Of Senate Amendment 6330" in the Senate.

Text of Senate Amendment 6330

Congressional Record, Volume 172 Issue 106 (Wednesday, June 24, 2026) [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)''. ______