WASHINGTON, Jan. 29 -- Sen. John Kennedy issued the following press release:
Sens. John Kennedy (R-La.) and Andy Kim (D-N.J.), members of the Senate Banking Committee, today reintroduced the Close the Shadow Banking Loophole Act to ensure companies that operate like banks follow the same rules and receive the same Federal Reserve oversight banks do.
Currently, some companies can offer banking services through industrial loan companies (ILCs), whose parent companies are not subject to the same Federal Reserve consolidated oversight that applies to traditional bank holding companies. Kennedy and Kim's bill would close the gap and create a level playing field to help protect consumers and our nation's financial system.
"When a company loo...