Bill Overview
Title: Stop Russian GOLD Act of 2022
Description: This bill prohibits a U.S. person from engaging in a transaction with a foreign person who purchases, transacts in, or transports Russian gold.
Sponsors: Rep. Slotkin, Elissa [D-MI-8]
Target Audience
Population: People involved in the global gold trade
Estimated Size: 10000
- The bill affects those involved in the global trade of gold, especially individuals connected to Russian gold transactions.
- The bill specifically targets 'foreign persons' who are involved in the purchase, transaction, or transportation of Russian gold.
- The gold market is global, and thus the legislation will impact market participants worldwide who deal with Russian gold.
- Investors and companies around the world with interests or dealings in Russian gold will be impacted by this legislation.
Reasoning
- The policy will predominantly affect a niche group of Americans engaged in international gold trading.
- People not connected to Russian gold markets directly or indirectly are unlikely to experience significant impacts.
- The budget for this act is limited, indicating a focus on monitoring and enforcement rather than direct financial assistance to affected individuals.
- Given the global nature of gold trading, the policy specifically targets business activities rather than consumer transactions.
Simulated Interviews
Commodities Trader (New York City, NY)
Age: 45 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 2/20
Statement of Opinion:
- This policy could complicate my trading activities significantly.
- I appreciate the intent to maintain ethical trading standards, but there might be financial repercussions if not implemented carefully.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 5 | 7 |
| Year 3 | 5 | 7 |
| Year 5 | 4 | 7 |
| Year 10 | 5 | 7 |
| Year 20 | 6 | 8 |
Jewelry Designer (Los Angeles, CA)
Age: 38 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 3.0 years
Commonness: 3/20
Statement of Opinion:
- While I've only occasionally dealt with Russian gold, this will limit sourcing options.
- I am supportive of the policy's goal to uphold democratic standards.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 8 |
| Year 2 | 6 | 8 |
| Year 3 | 6 | 8 |
| Year 5 | 7 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Cryptocurrency Investor (San Francisco, CA)
Age: 29 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 1.0 years
Commonness: 5/20
Statement of Opinion:
- I anticipate few direct changes as my investments are diverse and not heavily reliant on Russian markets.
- The policy could indirectly influence global market trends in precious metals.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Investment Banker (Miami, FL)
Age: 55 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 4.0 years
Commonness: 4/20
Statement of Opinion:
- The policy may necessitate changes in investment advice and client portfolio management.
- It is a strategic move towards ethical compliance which aligns with our long-term goals.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 5 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Financial Analyst (Chicago, IL)
Age: 42 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 5/20
Statement of Opinion:
- While it could affect strategic decisions and forecasts, I believe its overall impact on day-to-day operations will be minimal.
- More concerning is how it might affect global supply chains over time.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 7 |
Appraiser (Dallas, TX)
Age: 33 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 6/20
Statement of Opinion:
- I don't foresee drastic changes since most gold comes from verified sources anyway.
- It's important to reinforce policies that strengthen global security and ethics.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 7 |
Gold Miner (Seattle, WA)
Age: 60 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 7/20
Statement of Opinion:
- This policy doesn't affect domestic operations but could change international dynamics we compete within.
- Supportive of aligning with global standards and deterrents for anti-democratic actions.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 8 |
| Year 20 | 9 | 9 |
Retired (Rural Kentucky)
Age: 67 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- Probably won't impact me unless it inadvertently alters gold prices.
- I'm interested in ethical policies that enhance American security and democracy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Startup Founder (New Orleans, LA)
Age: 28 | Gender: other
Wellbeing Before Policy: 9
Duration of Impact: 1.0 years
Commonness: 8/20
Statement of Opinion:
- I'm curious to see how this affects blockchain-based trading innovations.
- Excited about being at the cutting edge where policy meets technology.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 10 | 9 |
| Year 20 | 10 | 10 |
Jewelry Store Owner (Phoenix, AZ)
Age: 50 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 2.0 years
Commonness: 4/20
Statement of Opinion:
- This could slightly alter my sourcing strategy, pushing for more diverse supply chains.
- I value measures that promote transparency and ethical trade.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $5000000 (Low: $3000000, High: $7000000)
Year 3: $5000000 (Low: $3000000, High: $7000000)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- Long-term impacts on U.S. relationships with trading partners may influence future trade policies.
- Ensuring compliance and detection of violations may require substantial international cooperation.