Requires clearinghouses to expand and diversify precious metals depositories

Adds a requirement that derivatives clearing organizations that clear physically deliverable precious metals publish objective, transparent criteria and provide a formal application process for depositories.

Requires clearing organizations to assess geographic diversity, competition, risk management, storage costs, and systemic risk when selecting depositories.

Mandates that each systemically important derivatives clearing organization select at least two approved precious-metals depositories in each U.S. time zone (Eastern, Central, Mountain, Pacific).

Directs clearing organizations to approve new depositories when public-interest goals like geographic diversity, liquidity, resiliency, competition, and cost efficiency are met, consistent with security standards.

Requires periodic assessments of physical-settlement access and inserts conditions for applying to be a metal service provider in existing rule language.