Legislation Would Ban Wal-Mart’s Bank Bid

Wal-Mart Stores Inc. would have to abandon its bid to operate a bank under the provisions of a bill introduced in Congress.

Legislation proposed by Reps. Barney Frank and Paul E. Gillmor would ban nonfinancial companies seeking charters from operating industrial banks and stop industrial banks from expanding their services. The Massachusetts Democrat and Ohio Republican are the senior members of the House Committee on Financial Services.

Wal-Mart and Home Depot Inc. are among 13 nonfinancial companies with bank applications pending.