WASHINGTON, May 21 -- Sen. Jim Risch issued the following press release:
U.S. Senator Jim Risch (R-Idaho) and Catherine Cortez Masto (D-Nev.) today 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 Idaho, strengthen market liquidity, and lower costs.
"The concentration of precious metal depositories in a single region has le...