S. 5189: Close the Shadow Banking Loophole Act

117th Congress · introduced 2022-12-06 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2022-12-06 · official record
Who proposed it: Sen. Brown, Sherrod [D-OH] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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 Shadow Banking Loophole Act

Plain summary

Close the Shadow Banking Loophole Act This bill (1) provides for the federal regulation and supervision of industrial banks, also known as industrial loan companies (ILCs), and their parent companies; and (2) sets forth a deadline for the consideration of pending ILC Federal Deposit Insurance Corporation (FDIC) deposit insurance applications. ILCs are state chartered institutions owned by nonfinancial businesses (parent companies) that provide several services similar to banks, such as originating loans and processing payments. The parent companies are not subject to supervision by the Federal Reserve Board. Under current law, the Federal Deposit Insurance Corporation (FDIC) may grant deposit insurance to these institutions.

Congressional Research Service summary (Introduced in Senate), 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 Shadow Banking Loophole Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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

Officials and money

Sponsor: Sen. Brown, Sherrod [D-OH] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Chris Van Hollen (D-MD)

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 (2)

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).
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 Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-117s5189.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/s>

Record fed-us-cong117-s5189 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117