WASHINGTON (Reuters) - The top Democrat and Republican on the U.S. House Financial Services Committee on Monday introduced a bill that would ban Wal-Mart (WMT.N: Quote, Profile , Research) and other commercial companies from owning a type of bank known as an industrial loan company (ILC).
The bill was co-sponsored by Barney Frank of Massachusetts, a Democrat who is chairman of the panel, and Paul Gillmor of Ohio, the ranking Republican.
"We are seeking to prevent the expansion of a historically small special niche into a full-fledged alternative banking system, which dissolves the line between banking and commerce," Frank said in a statement.
But, anyway, open for discussion.