Summary

Prohibits a company from owning an Industrial Lending Company (ILC) unless it generates at least 85 percent of its revenue from activities that are financial in nature./1/

Background

This type of legislation is generally considered to be aimed at Walmart, who is in the process of buying a bank in Utah./1/

Political Context

Bills aimed at Walmart's entry into the consumer banking ahve in TX, CO, KS, ME, and NE, and have been passed in MD, OK, VA, IA, and MO./2//3/ The Texas bill can be seen in Billhop-Texas

Additional Links

/1/ Poirier, John lawmakers offer bill to ban Wal-Mart bank" Reuters 1/29/07
/2/ McWilliams, Gary "Wal-Mart's Bank Push Draws Growing Opposition" (Subscription Required)Wall Street Journal 1/19/07
/3/ Bank Lawyers Blog "More States Consider Anti-Wal-Mart Legislation" 1/21/07
Walmart Watch "Bank of Walmart: What does it all mean?"