SILVER Act

This bill would change the Commodity Exchange Act rules for derivatives clearing organizations, which oversee futures trading. These organizations would have to create and publish objective criteria for choosing vaults that store gold, silver, platinum, and palladium used in futures contracts, and set up a formal process for vaults to apply. When choosing vaults, they would have to consider factors such as geographic diversity, competition, storage costs, and risk. They would also have to select at least two approved vaults in each of the Eastern, Central, Mountain, and Pacific time zones and publicly disclose the conditions for vault approval.

Full text and official record on Congress.gov

Sponsors

• Russ Fulcher Republican sponsor
• 10 cosponsors