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Nonbank Financial Intermediation (NBFI or “Shadow Banking”) and Capital Markets Policy

Published Jun 25, 2025Updated Sep 19, 2025

The Congressional Research Service is a nonpartisan policy and legal analysis arm of the Library of Congress. CRS reports are written for members of Congress and their staff, not the public — but they’re made available openly through Congress.gov.

Nonbank Financial Intermediation (NBFI or “Shadow Banking”) and Capital Markets Policy — Informed