Democrats Push For Retail Bank Legislation

Law360, New York (November 14, 2006, 12:00 AM EST) -- Fresh off their win in last week’s election, many high-ranking Democrats have reiterated their desire to clamp down on commercial companies, such as Wal-Mart Stores Inc. and Home Depot Inc., that are looking to control their own banks.

Already, South Dakota Sen. Tim Johnson, who is expected to become the second-ranking Democrat on the Senate Banking Committee, said he would like to hold hearings on these limited banks, which are known as industrial loan companies (ILCs).

“We need to hold hearings and see if we can...
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