U.S. House backs separating banking and retail


By John Poirier WASHINGTON, May 21 (Reuters) - The U.S. House of Representatives on Monday voted 371-16 to pass a bill barring commercial companies from operating a bank, seeking to maintain a separation between the two industries. The measure requires a company to generate at least 85 percent of its revenues from financial services in order to own and operate a type of bank known as an industrial loan company (ILC). The vote was taken in the midst of a one-year regulatory moratorium ...

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