Close the Shadow Banking Loophole Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 3734 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 3734 To address applications for deposit insurance submitted by industrial banks to the Federal Deposit Insurance Corporation, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES January 29, 2026 Mr. Kennedy (for himself and Mr. Kim) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To address applications for deposit insurance submitted by industrial banks to the Federal Deposit Insurance Corporation, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Close the Shadow Banking Loophole Act''. SEC. 2. INDUSTRIAL BANKS. (a) Definitions.--In this section: (1) Appropriate federal banking agency.--The term ``appropriate Federal banking agency'' has the meaning given th…