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S3734Referred to Committee

Close the Shadow Banking Loophole Act

Share:
Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-01-29
Introduced
1
Cosponsors
S
ⓘ
Type

Sponsor

John Kennedy
John Kennedy
Republican · LA · Senator
Votes with party: 75.1% (843 recorded votes)

Full profile: /officials/K000393

Source: Congress.gov · FEC

Cosponsors (1)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

  • Andy Kim (D-NJ)Original· 2026-01-29

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2026-01-29

Source: Congress.gov

Plain-English Summary

This bill would require non-bank financial companies like private equity firms and hedge funds to follow similar lending and borrowing rules as traditional banks, closing what supporters call a "shadow banking" loophole that allows these firms to operate with less government oversight. The measure would affect investment firms, lenders, and potentially borrowers who use these alternative financial services by bringing them under stricter federal regulation and transparency requirements. The goal is to reduce financial risks that could harm the broader economy if these large, loosely-regulated firms face problems.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Finance and Financial Sector
Full bill text is not yet cached locally.
Open text viewRead on Congress.gov

Related legislation

Bills by the same sponsor or covering overlapping subjects.

  • S4917Monitor Accountability Act
    Referred to Committee · 2026-06-24
  • S4883A bill to amend the Export Control Reform Act of 2018 to increase the civil penalties that may be imposed under that Act.
    Referred to Committee · 2026-06-24
  • S4850Diversity Jurisdiction Inflation Adjustment Act
    Referred to Committee · 2026-06-22
  • S4667Open Courts Act of 2026
    Referred to Committee · 2026-06-02