Cortez Masto, Risch Introduce Bill to Boost Access to Precious Metal Depositories

Washington, D.C. - Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Jim Risch (R-Idaho) introduced the System Integrity through Licensed Vault Expansion and Resilience (SILVER) Act to increase geographic diversity of precious metal depositories.

The vast majority of U.S. storage facilities for precious metals exchanges are currently in the New York City region. The SILVER Act would require two depositories be selected for approval in the Mountain, Pacific, Eastern, and Central U.S. time zones to improve access to secure storage in Western states like Nevada, strengthen market liquidity, and lower costs.

"The West was built on mining, an industry whose innovation is still at the forefront of the Silver State's development today," said Senator Cortez Masto. "That's why it's critical that we allow mineral and metals depositories to exist outside of just the New York region, including in places like Nevada. The SILVER Act supports our mining industry and reduces the burdens placed on them so they can continue to thrive."

"The concentration of precious metal depositories in a single region has left Idahoans at a disadvantage," said Senator Risch. "My SILVER Act broadens the geographic locations of these facilities, which will reduce costs, strengthen our national security, and allow Idahoans to store precious metals closer to home."

"On behalf of our broad industry coalition spanning all segments of the U.S. precious metals supply chain, I thank Senators Risch and Cortez Masto for taking this important first step in addressing both the national security risks and anti-competitive behaviors caused by geographical concentration in our market," said Stefan Gleason, CEO of Money Metals.

Read the bill here. The SILVER Act is supported by Money Metals Depository, The Silver Institute, Columbia Bank, A-Mark Precious Metals/Gold.com, Zions Bancorp/Nevada State Bank, Frontier Mint, Texas Precious Metals Depository, First Mint/First Majestic Silver Corp, Kilo Capital, and Highland Mint. U.S. Representative Russ Fulcher (R-Idaho) introduced the companion bill in the House of Representatives.

As part of her Innovation State Initiative, Cortez Masto has led efforts in Congress to support Nevada's mining industry, protecting more than 83,000 local jobs and paving the way for Nevada to power the clean energy economy. She has consistently blocked burdensome taxes on mining and wrote important provisions of the Bipartisan Infrastructure Law to bolster Nevada's critical mineral supply chain and fund battery recycling programs in the state. She's also introduced bipartisan legislation to protect mining in the West and strengthen the domestic supply chain for rare-earth magnets.

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