,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dfba  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ba1 #bjbf,mr4    
,ris* 7= himself & ,ms4 ,cortez ,ma/o7  
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,agriculture1 ,nutrition1 & ,=e/ry  ,a  
,,bill  ,to am5d ! ,commodity ,ex*ange  
,act to r$uce sy/emic risk :ile increas+
 geographical div]sity & competition )  
respect to depositories = ! /orage (    
preci\s metals1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,sy/em ,integrity ?r\gh ,lic5s$ ,vault  
,expansion & ,resili5ce ,act or !       
,,silv] ,act4  #b4 ,f9d+s ,congress f9ds
 ! foll[+3 7#a7 ,preci\s metals ex*anges
 curr5tly require physically trad$      
metals to be /or$ )9 close proximity to 
,new ,york ,city4  7#b7 ,geographic     
conc5tration creates sy/emic risk       
vuln]abilities1 r$uces available        
liquidity1 & increases ! co/ to m>ket   
p>ticipants4  7#c7 ,rec5t liquidity     
ev5ts 9 global metals m>kets und]score !

 ne$ to m9imize regulatory b>ri]s t     
r$uce ! available supply ( metals to !  
publicly trad$ m>ketplace4  7#d7        
,not)/&+ ! curr5t limit$ supply1 !      
security /&>ds ( exi/+ vaults support+  
publicly trad$ ex*anges are out/&+ & h  
enhanc$ ! confid5ce ( m>ket p>ticipants4
  7#e7 ,m>ket liquidity & p>ticipant    
confid5ce w be enhanc$ by ! addition (  
/orage vaults ( relative scale &        
comm]cial importance 9 ! m>ketplace4    
7#f7 ,additional supply 9 l[]-co/       
m>kets1 especially m>kets t are ne> hubs
 ( preci\s metals activity & int]/ate   
transportation networks1 w\ld also r$uce
 /orage co/s1 enhance competition 9 !   
/orage m>ketplace1 & promote great]     
m>ket access to inve/ors4  7#g7 ,x is 9 
! public int]e/ = sy/emically important 
f9ancial m>ket utilities to provide a   
cle> & transp>5t selection process =    
preci\s metals /orage facilities )9 _!  
network4  #c4 ,preci\s metals           
depositories us$ 9 connection ) futures 
contracts ,section #e;b7c77#b7 ( !      

,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#g;a-#a7;c77#b77 is am5d$-- 7#a7 9      
subp>agraph 7,e77vii71 by ins]t+ 1      
includ+ risks relat$ to ! geographic    
conc5tration ( depositories = ! /orage (
 gold1 silv]1 plat9um1 & palladium      
7ref]r$ to 9 ?is p>agraph z preci\s     
metals71 aft] clause 7vi72  7#b7 9      
subp>agraph 7,f7-- 7,a7 by r$esignat+   
clause 7iii7 z clause 7iv72 &  7,b7 by  
ins]t+ aft] clause 7ii7 ! foll[+3  7iii7
 ,approval ( preci\s metals depositories
  7,i7 ,9 g5]al ,a d]ivatives cle>+     
organization t cle>s agreem5ts1         
contracts1 transactions1 or swaps t c   
result 9 ! physical deliv]y ( preci\s   
metals & is a designat$ f9ancial m>ket  
utility 7z def9$ 9 section #hjc ( !     
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #edfb77 7ref]r$ to 9 ?is p>agraph z a  
sy/emically important d]ivatives cle>+  
organization7 %all-- 7aa7 develop1      
publi%1 & employ objective & transp>5t  
crit]ia 9 evaluat+ & select+            

depositories = ! /orage ( preci\s metals
 us$ 9 connection ) a contract ( sale ( 
a commodity = future deliv]y2 &  7bb7   
provide a =mal process = ^? depositories
 to apply = t selection4  7,,ii7        
,selection factors ,9 select+           
depositories "u subclause 7,i71 a       
sy/emically important d]ivatives cle>+  
organization %all-- 7aa7 assess & acc\nt
 =1 among o!r factors1 geographic       
div]sity1 competition1 risk managem5t1  
/orage co/s to memb]s & p>ticipants1 &  
sy/emic risk implications2 &  7bb7      
approve new depositories 9 ! context ( a
 public int]e/ 9 increas$ geographic    
div]sity1 increas$ liquidity1 m>ket     
resili5cy1 m>ket access1 competition1 & 
co/ effici5cy1 consi/5t ) appropriate   
security & quality /&>ds4  7,,iii7      
,geographical requirem5t  7aa7 ,9 g5]al 
,a sy/emically important d]ivatives     
cle>+ organization %all select at lea/  
#b depositories describ$ 9 subclause    
7,i7 9 ea* "t zone describ$ 9 item 7bb74
  7bb7 ,"t zone ,a "t zone ref]r$ to 9  

item 7aa7 is ea* ( ! foll[+3 7,,aa7     
,ea/]n "t4 7,,bb7 ,c5tral "t4 7,,cc7    
,m\nta9 "t4 7,,dd7 ,pacific "t4  2  7#c7
 9 subp>agraph 7,i7-- 7,a7 9 clause     
7ii77,,ii71 by /rik+ & at ! end2  7,b7 9
 clause 7iii71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 &2 &  7,c7 by add+ at ! end 
! foll[+3  7iv7 p]iodically assess !    
ease ( access = m>ket p>ticipants )     
respect to ! physical settlem5t ( any   
commodity1 reg>dless ( ! geographic     
location )9 ! ,unit$ ,/ates1 to ensure  
sy/em availability & resili5cy4  2  7#d7
 9 subp>agraph 7,l77iii7-- 7,a7 9       
subclause 7,,iv71 by /rik+ & at ! end2  
7,b7 by r$esignat+ subclause 7,v7 z     
subclause 7,,vi72 &  7,c7 by ins]t+ aft]
 subclause 7,,iv7 ! foll[+3  7,v7 9 !   
case ( a sy/emically important          
d]ivatives cle>+ organization1          
conditions = apply+ to1 & receiv+       
approval f1 ! sy/emically important     
d]ivatives cle>+ organization z a metal 
s]vice provid]1 su* z a depository = !  
/orage ( preci\s metals2 &  2 &  7#e7 9 

subp>agraph 7,n77i71 by ins]t+ 1 includ+
 ) respect to ! approval ( a metal      
s]vice provid]1 su* z a depository = !  
/orage ( preci\s metals aft] trade4