Support of American Eagle Silver Bullion Program Act
Latest Action
Became Public Law No: 107-201.
Official Summary
Support of American Eagle Silver Bullion Program Act - Requires the Secretary of the Treasury to obtain silver from other available sources when the United States silver stockpile is depleted. Prohibits the Secretary from paying more than the average world price for silver under any circumstances.
GovScope Watchdog™
AI Government Intelligence™The Support of American Eagle Silver Bullion Program Act requires the U.S. Secretary of the Treasury to source silver from alternative suppliers if the national silver stockpile is depleted. The law also restricts the Secretary from paying more than the average global market price for silver under any circumstances. This legislation aims to ensure the continued availability of silver for the American Eagle Silver Bullion Program while controlling costs by limiting expenditures to prevailing world prices.
This law mandates the Treasury to secure silver from other sources when domestic reserves run out, while capping the purchase price at the global average to manage costs for the American Eagle Silver Bullion Program.
- Requires the Secretary of the Treasury to obtain silver from other available sources if the U.S. silver stockpile is depleted.
- Prohibits the Secretary from paying more than the average world price for silver under any circumstances.
- Supports the continuation of the American Eagle Silver Bullion Program by ensuring silver supply and cost controls.
['U.S. Department of the Treasury', 'American Eagle Silver Bullion Program', 'Silver suppliers and markets', 'Collectors and investors in American Eagle silver bullion coins']
['Potential challenges in sourcing sufficient silver at or below the average world price if market conditions fluctuate.', 'Limitations on paying above average world prices could restrict flexibility in procurement during supply shortages.', 'Oversight mechanisms for verifying compliance with price restrictions are not detailed in the summary.']
The bill was introduced and passed during the 107th Congress and was signed into law on July 23, 2002. It addresses financial sector policy related to the management of government-held silver resources and the American Eagle Silver Bullion Program, reflecting legislative interest in maintaining precious metal reserves and cost controls within federal programs.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential influence on global silver market prices due to government procurement policies.', 'Possible impact on domestic silver suppliers if the Treasury sources silver internationally.', 'Continued availability of silver for bullion coin production may affect collector and investor markets.']
The bill sets clear procurement price limits and sourcing requirements but does not specify oversight or enforcement mechanisms to ensure compliance with the price cap. Transparency around how the average world price is determined and monitored would be important for accountability. Additionally, the absence of detailed implementation guidelines in the summary limits assessment of operational risks.
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