arrow_back Civic Audit
Share share

Close the Shadow Banking Loophole Act: Regulating Industrial Banks

This Act increases the security of your savings by placing 'industrial banks' under strict government supervision. The new rules prevent non-financial companies from easily bypassing standard banking regulations, protecting the stability of the entire financial system.
Key points
Stricter rules for companies wishing to operate industrial banks.
Requirement for public hearings and citizen comments when reviewing new deposit insurance applications.
Increased oversight powers for regulators over parent companies to prevent financial risks.
Restrictions on the takeover of industrial banks by entities not subject to standard banking supervision.
article Official text account_balance Process page notifications_active Track this Bill
Status: Introduced
Civic Will
Checking votes...
I support
I oppose
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens (explained here). Start recording it now.
Additional Information
Print number: 119_S_3734
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2026-01-29
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Close the Shadow Banking Loophole Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_3734.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2026-01-29.

What are the main provisions?

Key points include:

  • Stricter rules for companies wishing to operate industrial banks.
  • Requirement for public hearings and citizen comments when reviewing new deposit insurance applications.
  • Increased oversight powers for regulators over parent companies to prevent financial risks.
  • Restrictions on the takeover of industrial banks by entities not subject to standard banking supervision.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-02-20.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law