The SILVER Act addresses the concentration of precious metals storage facilities near New York City for futures exchanges, which Congress finds creates financial risks and increases costs for market participants. The bill amends federal commodity exchange rules to require derivatives clearing organizations to develop transparent, objective criteria for approving new precious metals depositories and to actively select at least two approved depositories in each major U.S. time zone (Eastern, Central, Mountain, and Pacific). By expanding storage locations to lower-cost markets near transportation hubs and metal trading centers, the legislation aims to reduce systemic risk, increase market liquidity, lower storage costs, and improve access for investors. The bill also requires clearing organizations to periodically assess how easily market participants can physically settle commodities regardless of their geographic location to ensure the system remains resilient and available. No specific federal funding is authorized in this bill, which primarily works through regulatory amendments to existing commodity exchange oversight.
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