SILVER Act
Sponsored By: Senator Risch, James E. [R-ID]
Introduced
Summary
Diversify where precious metals are stored to reduce systemic risk. This bill would require systemically important clearinghouses that handle physically deliverable metal futures to use objective, public criteria when choosing depositories and to weigh access, competition, costs, and risk in those choices.
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- Systemically important derivatives clearing organizations would have to publish transparent selection rules, run a formal application process for depositories, and explicitly consider risk management, storage costs, market access, and systemic implications when approving providers.
- Depositories and other metal service providers would get a clear path to apply for approval and would be evaluated under new conditions that aim to ensure at least two approved depositories in each U.S. time zone (Eastern, Central, Mountain, Pacific).
- Market participants that store or settle gold, silver, platinum, and palladium would see a legal push toward greater geographic diversity and competition, which the bill aims to improve liquidity, resiliency, and cost efficiency for physical settlement.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New rules for precious metals depositories
If enacted, this bill would require systemically important clearing organizations that clear contracts able to deliver gold, silver, platinum, or palladium to set clear, public rules for picking storage depositories. They would have to publish objective selection criteria and a formal application process. Selection factors must include geographic diversity, competition, risk controls, storage costs, and systemic risk. Each U.S. time zone (Eastern, Central, Mountain, Pacific) would need at least two qualifying depositories. These organizations would also have to periodically check how easy it is for market participants to get physical delivery nationwide. The rules would apply on enactment to covered clearing organizations and to depositories seeking approval.
Sponsors & CoSponsors
Sponsor
Risch, James E. [R-ID]
ID • R
Cosponsors
Sen. Cortez Masto, Catherine [D-NV]
NV • D
Sponsored 5/21/2026
Sen. Crapo, Mike [R-ID]
ID • R
Sponsored 6/24/2026
Sen. Rosen, Jacky [D-NV]
NV • D
Sponsored 6/24/2026
Sen. Budd, Ted [R-NC]
NC • R
Sponsored 7/23/2026
Sen. Lee, Mike [R-UT]
UT • R
Sponsored 7/29/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov