Tuesday, January 30, 2007

Bank Wal-Mart

I actually don't have any established opinion on this, but at first pass I don't see why this is a good idea.

WASHINGTON (Reuters) - The top Democrat and Republican on the U.S. House Financial Services Committee on Monday introduced a bill that would ban Wal-Mart (WMT.N: Quote, Profile , Research) and other commercial companies from owning a type of bank known as an industrial loan company (ILC).

The bill was co-sponsored by Barney Frank of Massachusetts, a Democrat who is chairman of the panel, and Paul Gillmor of Ohio, the ranking Republican.

"We are seeking to prevent the expansion of a historically small special niche into a full-fledged alternative banking system, which dissolves the line between banking and commerce," Frank said in a statement.

But, anyway, open for discussion.