November 09, 2007 

WASHINGTON, D.C. – Congressman Bill Sali (R-ID) this week introduced a bill to help Americans diversify their retirement portfolios using precious metals.

“Investors are always seeking ways to diversify their portfolios, and my proposal would make it easier for Americans to use precious metals as an investment tool as part of their self-directed retirement accounts,” Sali said. “Precious metals are a convenient, liquid and affordable way for investors to diversify their investment portfolios with tangible assets.”

H.R. 4099 would amend the Internal Revenue Code to clarify that a wide range of bullion coins are eligible investments for IRA and other self-directed accounts, as well as precious metals in bar and ingot forms. The legislation would allow brokerage firms and other trustees to contract with secure third-party storage facilities to serve as custodian for these assets, rather than performing both functions.  This would significantly expand the number of firms that would be eligible to sell such investments, expanding the market for precious metals investments.

“Today, silver mined in Idaho is a valued option for many investors, and this legislation would, if enacted, expand the opportunity for greater investment in precious metals,” said Sali.

Sali introduced the bipartisan bill with original cosponsors Rep. Shelley Berkley (D-NV) and Rep. Phil English (R-PA).  Both original cosponsors are also members of the House Committee on Ways and Means, where the bill was referred.