Wal-Mart bank push faces new challenge
From The Financial Times:
Wal-Mart's long-running push to establish its own US bank is facing a new challenge after a senior US congressman launched a bid to exclude retailers definitively from the sector.Jim Leach, a Republican and the former head of the House financial services committee, said on Thursday he wanted Congess to close a loophole that allows retailers to operate industrial banks in certain states, although they are banned by federal law from setting up bank holding companies.
Mr Leach said he was introducing the proposed legislation because he "did not believe in mixing commerce and banking," and that it was not aimed at any one company.
Posted by Brendan - September 22, 2005 06:27 PM - In The News