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Lawmakers To Ban Wal-Mart From Owning Banks

Law360 (January 29, 2007, 12:00 AM EST) -- Lawmakers have introduced a bipartisan bill to ban commercial companies such as Wal-Mart and Home Depot from owning quasi 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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