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Negative bullion provision halted

The Industry Council for Tangible Assets is taking a bow for removing from the recent farm bill, which passed with veto proof margins in the House of Representatives and the Senate of the United States, a provision that would have impacted negatively most coin dealers who handle bullion items over the counter.

Iowa?s Sen. Tom Harkin sought to give the Commodity Futures Trading Commission oversight responsibilities in the cash market, which is currently overseen by the Federal Trade Commission.

ICTA says passage ?could have radically changed the manner in which the rare coin/precious metals market functions.? It could have ?led the way for CFTC licensing and trading restrictions requirements (that) would have affected almost every dealer who sells precious metals including not just bars but certain coins as well.?

After two weeks of work, ICTA said the provision championed by Harkin was not accepted by the conference committee that was writing the final language for the two houses to agree on.

Visit the ICTA Web site at www.ictaonline.org.

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