Summit Notebook

Exclusive outtakes from industry leaders

Audio – U.S. House seen voting this spring to block retailers from owning banks

January 11, 2007

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Barney Frank, new chairman of the House Financial Services Committee, predicts the U.S. House will approve a bill this spring to block big retailers like Wal-Mart and Home Depot from expanding into banking. Frank explained his opposition to an existing loophole that lets retailers own industrial loan companies (ILCs) at the Reuters Regulation Summit in Washington.

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