House to vote on industrial banks
From Bloomberg News
A U.S. House panel voted to block commercial companies from getting into the banking business, weeks after Bentonville, Ark.-based Wal-Mart Stores Inc. dropped a controversial bid to open a bank in Utah.
The House Financial Services Committee approved legislation that would bar new so-called industrial banks owned by retailers and other nonfinancial companies. The voice vote sends the legislation to the full House.
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