US House lawmakers offer bill to ban Wal-Mart bank

Newswire

WASHINGTON, Jan 29 (Reuters) - The top Democrat and Republican on the U.S. House Financial Services Committee on Monday introduced a bill that would ban Wal-Mart 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.

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