HR 8007 — SILVER Act

Bill Text

• Introduced Introduced in House Current html March 19, 2026

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill amends the Commodity Exchange Act to improve the approval process and criteria for precious metals depositories in order to enhance geographic diversity, competition, and reduce systemic risks.

• 7 U.S.C. 7a-1(c)(2)

  , including risks related to the geographic concentration of depositories for the storage of gold, silver, platinum, and palladium (referred to in this paragraph as `precious metals'),

  This change adds a consideration of geographic concentration risk in the assessment of depositories for precious metals.

• 7 U.S.C. 7a-1(c)(2)(F)

  (iii) Approval of precious metals depositories.-- (I) In general.--A derivatives clearing organization shall-- (aa) develop, publish, and employ objective and transparent criteria in evaluating and selecting depositories for the storage of precious metals used in connection with a contract of sale of a commodity for future delivery; and (bb) provide a formal process for those depositories to apply for that selection.

  This addition establishes a formal and transparent approval process for selecting precious metals depositories.

• 7 U.S.C. 7a-1(c)(2)(F)

  (II) Selection factors.--In selecting depositories under subclause (I), a derivatives clearing organization shall-- (aa) assess and account for, among other factors, geographic diversity, competition, risk management, storage costs to members and participants, and systemic risk implications; and (bb) approve new depositories in the context of a public interest in increased geographic diversity, increased liquidity, market resiliency, market access, competition, and cost efficiency, consistent with appropriate security and quality standards.

  This section requires derivatives clearing organizations to consider various factors, including geographic diversity and cost efficiency, when selecting depositories.

• 7 U.S.C. 7a-1(c)(2)(F)

  (III) Geographical requirement.-- (aa) In general.--A derivatives clearing organization shall select at least 2 depositories described in subclause (I) in each time zone described in item (bb). (bb) Time zone.--A time zone referred to in item (aa) is each of the following: (AA) Eastern time. (BB) Central time. (CC) Mountain time. (DD) Pacific time.

  This provision mandates that derivatives clearing organizations select at least two depositories in each U.S. time zone.

• 7 U.S.C. 7a-1(c)(2)(I)

  and → and;

  This technical amendment makes grammatical corrections in the listing of requirements.

• 7 U.S.C. 7a-1(c)(2)(I)

  . → ; and

  This technical amendment introduces a new requirement for periodic accessibility assessments while ensuring clarity in legislative text.

• 7 U.S.C. 7a-1(c)(2)(I)

  (iv) periodically assess the ease of access for market participants with respect to the physical settlement of any commodity, regardless of the geographic location within the United States, to ensure system availability and resiliency.

  This addition mandates regular assessments of accessibility for physical commodity settlements.

• 7 U.S.C. 7a-1(c)(2)(L)(iii)

  and → and;

  This amendment corrects punctuation for clarity in the enumeration of requirements.

• 7 U.S.C. 7a-1(c)(2)(L)(iii)

  (V) conditions for applying to, and receiving approval from, the derivatives clearing organization as a metal service provider, such as a depository for the storage of precious metals; and

  This section introduces conditions for approval as a metal service provider to enhance clarity in the regulatory framework.

• 7 U.S.C. 7a-1(c)(2)(N)(i)

  , including with respect to the approval of a metal service provider, such as a depository for the storage of precious metals

  This addition expands the scope of approval criteria to include metal service providers.

Action History

1. March 19, 2026

   Introduced in House

2. March 19, 2026

   Introduced in House

3. March 19, 2026

   Referred to the House Committee on Agriculture.

Sponsors

• Mark Harris · Cosponsor
• Susie Lee · Cosponsor
• John W. Rose · Cosponsor
• Addison P. McDowell · Cosponsor
• Russ Fulcher · Primary

Subjects