Lawmakers To Ban Wal-Mart From Owning Banks
The legislation would prohibit Wal-Mart and its ilk from owning an industrial loan company (ILC) unless at least 85% of the parent's revenue is generated from financial activities.
The bill, introduced Monday, was co-sponsored by Democrat chairman of the U.S. House Financial Services Committee Barney Frank and Republican panel member Paul Gillmor.
Frank, of Massachusetts, said in a statement the Industrial Bank Holding Company Act of...
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