SILVER Act

This bill changes the Commodity Exchange Act rules for large clearing organizations that handle futures contracts that can end in delivery of gold, silver, platinum, or palladium. These organizations would have to publish clear criteria for choosing vaults (depositories) that store these metals 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 approve at least two vaults in each of the Eastern, Central, Mountain, and Pacific time zones. The bill also requires them to publicly disclose the conditions for applying and to periodically review how easily market participants can take physical delivery anywhere in the United States.

Full text and official record on Congress.gov

Sponsors

• James E. Risch Republican sponsor
• 5 cosponsors