Letter Regarding the Introduction of the Close the Shadow Banking Loophole Act
I write today on behalf of the National Association of Industrial Banks (NAIB) in strong opposition to the Close the Shadow Banking Loophole Act introduced by Sen. Sherrod Brown (D-OH), Sen. Bob Casey (D-PA), and Sen. Chris Van Hollen (D-MD).
We appreciate the Committee’s desire to protect consumers from risks in the financial sector. However, the legislation introduced unfairly targets Industrial Loan Companies (ILCs), which are among the safest and soundest banks in the U.S. financial system. The proposed legislation is anti-innovation, anti-competition, and runs counter to its stated objectives.