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Critics of the shadow banking sector are many and varied but, generally, their regulatory position is simple: if it looks, acts and sounds like a duck,regulate it like a duck. Shadow banks should be regulated as banks. The question then presents itself: what does it mean to regulate a duck?
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"Supports of the private credit industry argue that one consequence of its more traditional approach to credit creation and allocation is that it is unlikely to emerge as a source of systemic financial risk...[ yet at ] $1.5t, it is certainly big enough."
https://www.ft.com/content/f6c1acf3-f100-4952-842d-f5adebb0fb24
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