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House Passes ILC Restrictions |
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The U.S. House of Representatives overwhelmingly passed a bill this week that would prevent commecial companies like Wal-Mart from owning or operating industrial loan corporations (ILCs), non-commercial banks which nonetheless could issue credit cards, accept deposits and make consumer loans.
The measure would allow formation of ILCs only by companies which conduct 85% of their business activities in the financial services sector. It passed the House by a 371-16 margin.
A companion measure sponsored by Sen. Sherrod Brown (D-OH) is before the Senate Banking Committee, where its prospects are uncertain. In the past, similar measures have been opposed by banking committee member Sen. Robert Bennett (R-UT). Utah is one of seven states that charter ILCs and is home to the majority of those now operating.
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