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SILVER Act: Increasing Geographical Diversity of Precious Metals Depositories

This bill aims to reduce systemic risk by diversifying the storage locations of precious metals (gold, silver, platinum, and palladium) beyond the proximity of New York City. It requires derivatives clearing organizations to select depositories across different US time zones to increase liquidity, competition, and lower costs for market participants.
Key points
Mandates the selection of at least two depositories in each of the four US time zones (Eastern, Central, Mountain, Pacific).
Promotes competition and additional supply in lower-cost markets to reduce storage costs.
Reduces systemic risk by avoiding the geographic concentration of depositories.
Creates objective and transparent criteria for evaluating and selecting storage facilities.
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Status:
Introduced
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Additional Information
SILVER Act
Print number: HR 8007
Sponsor: Rep. Fulcher, Russ [R-ID-1]
Process start date: 2026-03-19
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-3.1-pro-preview
Source data: api.congress.gov
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Summary & Status

Key Questions about SILVER Act: Increasing Geographical Diversity of Precious Metals Depositories

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 8007.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2026-03-19.

What are the main provisions?

Key points include:

  • Mandates the selection of at least two depositories in each of the four US time zones (Eastern, Central, Mountain, Pacific).
  • Promotes competition and additional supply in lower-cost markets to reduce storage costs.
  • Reduces systemic risk by avoiding the geographic concentration of depositories.
  • Creates objective and transparent criteria for evaluating and selecting storage facilities.

What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Fulcher, Russ [R-ID-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Agriculture.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-04-03.

Analysis and Potential Impact of HR 8007

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy