S. 3538, also known as the "Close the Shadow Banking Loophole Act," aims to regulate industrial banks' applications for deposit insurance submitted to the Federal Deposit Insurance Corporation (FDIC). The bill introduces stricter conditions for industrial banks' deposit insurance applications...
Simple Explanation
The bill wants to make sure that special banks called industrial banks follow strict rules if they want to keep people's money safe with insurance. It also wants to double-check that the big companies in charge of these banks are making smart and safe choices.