The SILVER Act amends federal commodity trading rules to require clearing organizations that handle precious metals futures contracts to approve precious metals storage facilities in multiple geographic locations across the United States. Currently, physically traded metals must be stored near New York City, which Congress finds creates financial system vulnerabilities, reduces available liquidity, and increases storage costs for market participants. The bill requires that clearing organizations develop transparent criteria for selecting depositories and approve at least two storage facilities in each of the four continental time zones (Eastern, Central, Mountain, and Pacific). The legislation aims to reduce systemic risk, lower storage costs through competition, improve market access for investors, and enhance the resilience of metals markets while maintaining security and quality standards for storage facilities. No specific funding amounts or implementation timeline are specified in the bill.
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