WASHINGTON, D.C. — U.S. Congressman Russ Fulcher (Idaho-01) released the following statement after introducing the System Integrity through Licensed Vault Expansion and Resilience (SILVER) Act.
“Having metal depositories located in more than one region in the United States will provide Americans across the country with affordable access to metal exchanges and safeguard assets in the event of a national emergency or extreme weather event. I’m proud to introduce The SILVER Act, which requires the approval of at least two depositories in the Eastern, Central, Mountain, and Pacific time zones, strengthening system integrity and resiliency,” said Congressman Fulcher.
Bill Background
Currently, the only precious metals depositories approved for deliveries on futures contracts are located within the Greater New York City Area. Since all metals storage facilities are located in such a limited and concentrated geographic region, there are substantial limits on market liquidity, increased security risks, and limitations on Americans living in the Western United States.
The SILVER Act requires a derivatives clearing organization to select at least two depositories in the Eastern, Central, Mountain, and Pacific time zones for approval.
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