CONGRESS FOR VOTERS

Russ Fulcher (R-ID)

SILVER Act

H.R. 8007 · House bill Finance and Financial Sector

A Republican bill with 2 Democratic cosponsors · See all 11 cosponsors

Last activity — Referred to the House Committee on Agriculture.

In committee

Introduced and handed to a committee in the chamber it started in.

The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.

Its path through Congress

  1. Introduced
  2. In Committee

What this bill would do

This bill is known as the SILVER Act. It amends the Commodity Exchange Act to address risks related to the geographic concentration of precious metals storage depositories. Currently, exchanges require physically traded metals to be stored near New York City, which creates systemic risks and higher costs. The bill requires derivatives clearing organizations to develop clear rules to select and approve new storage depositories. These new rules must increase geographic diversity, competition, and cost efficiency. Specifically, clearing organizations must select at least two depositories in the Eastern, Central, Mountain, and Pacific time zones.

Yes· 3 of 6

  • Scored +3

    Would business owners be better off under this?

    The bill aims to reduce storage costs and increase competition for market participants.

  • Scored +3

    Is this likely to grow the economy?

    The bill aims to enhance market liquidity and accessibility through expanded storage and competition.

  • Scored +3

    Does this make what the government does easier for the public to see?

    The bill requires derivatives clearing organizations to develop and publish objective and transparent criteria for selecting depositories.

The opposite

No question was scored the opposite.