House Bill Would Curb Retailer-Owned Banks

Law360, New York (January 19, 2007, 12:00 AM EST) -- House legislators are expected to introduce a new bill to prevent commercial companies such as Wal-Mart Stores Inc. and Home Depot Inc. from creating and controlling their own banks.

House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., and Rep. Paul Gillmor, R-Ohio, will attempt to have a bill passed soon, said Gillmor’s spokesman Brad Mascho. A similar bill was passed by the House last year, but was kept off the Senate floor by Sen. Bob Bennett, R-Utah.

In the past, U.S. lawmakers have attempted to...
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