United States Legal Gold and Mining Partnership Act

Key Points

• This bill creates a new plan to stop illegal gold mining in Latin America, where over 70 percent of gold in countries like Colombia and Peru is mined illegally. It aims to stop criminal groups and drug cartels from using gold to hide money and fund their activities.
• The policy helps small-scale miners join the legal economy by offering them business loans and technical training. It specifically encourages miners to stop using mercury, a toxic chemical that currently poisons local drinking water and soil in mining communities.
• It targets the governments of Venezuela and Nicaragua by investigating their secret gold trades. For example, about 80 percent of gold in Venezuela is mined illegally to benefit Maduro, and this bill would help the U.S. block those involved from using American banks.
• The State Department would get $10 million over the next two years to start these programs. Part of this money will help create a system to prove gold is legal so American companies can be sure the gold they buy is mined safely and does not involve forced labor.

Impact Analysis

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