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S. 4621119th CongressIn committeeLatest action May 21, 2026Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
The SILVER Act requires approved precious metals vaults in every U.S. time zone, with at least two per zone, to reduce geographic concentration risk.
50-second read · 4 questions answered below
The SILVER Act would require major financial clearinghouses to approve precious metals storage facilities in every U.S. time zone, with at least two approved vaults per zone. Currently, approved vaults are concentrated almost entirely near New York City. The bill also requires clearinghouses to publish public rules explaining how vault companies can apply for approved status.
The bill most directly affects large financial clearinghouses, vault and storage companies, and businesses that trade precious metals through futures contracts. Everyday Americans who invest in gold or silver through funds or commodity markets could be indirectly affected.
Concentrating physical metal storage in one region creates systemic risk, and a disruption in the New York area could cause serious problems for the entire precious metals market. Spreading storage across the country and increasing competition among vault operators could affect market stability and the cost of storage access for traders and investors.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a Senate committee is reviewing it. If the House changes it, it goes back to the Senate before reaching the President.
Latest action: — Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.