H.R. 5912: Close the ILC Loophole Act

117th Congress · introduced 2021-11-09 · Finance and Financial Sector · Latest: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.

federal

Follow this bill, step by step

Where it came from: introduced 2021-11-09 · official record
Who proposed it: Rep. Garcia, Jesus G. "Chuy" [D-IL-4] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Close the ILC Loophole Act

Plain summary

Close the ILC Loophole Act This bill limits the exemption from certain banking regulations applicable to industrial loan companies to those companies approved to receive Federal Deposit Insurance Corporation insurance before September 23, 2021, or companies with an application pending as of September 23, 2021. Industrial loan companies are state chartered institutions that provide several services similar to banks, such as originating loans and processing payments. Parent companies of such industrial loan companies are subject to the supervision of the Board of Governors of the Federal Reserve System. The bill also sets forth procedures regarding a change in control of an industrial loan company. The Government Accountability Office must report on the effects of industrial loan companies, industrial banks, and other similar institutions on the economy, including the effect on competitiveness, market structure, and different industries.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Close the ILC Loophole Act

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Garcia, Jesus G. "Chuy" [D-IL-4] · 3 cosponsors

Cost estimate: CBO cost estimate: H.R. 5912, Close the ILC Loophole Act (2022-11-17)

Cosponsors on this site

Lance Gooden (R-TX), Pete Sessions (R-TX), Stephen F. Lynch (D-MA)

Sponsor's campaign money: Rep. Garcia, Jesus G. "Chuy" [D-IL-4] reported raising $375,959 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-117hr5912.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/hr>

Record fed-us-cong117-hr5912 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117