Frank-Gillmor bill is against this.
Cached at Google:
http://72.14.209.104/search?q=cache:jZ7tpPJ8DfsJ:money.cnn.com/news/newsfeeds/articles/djf500/200701181746DOWJONESDJONLINE001156_FORTUNE5.htm+frank-gillmor+Wal-Mart&hl=en&gl=us&ct=clnk&cd=1 WASHINGTON -(Dow Jones)- Three key lawmakers entrenched over whether commercial firms such as Wal-Mart Stores Inc. (WMT) and Home Depot Inc. (HD) should be able to own banking charters met Thursday but showed no signs of easing their positions as a regulatory deadline draws near on the issue.
Reps. Barney Frank, D-Mass., Paul Gillmor, R-Ohio, and Sen. Bob Bennett, R- Utah, met Thursday afternoon for close to half an hour to discuss their different stances on the industrial loan company, or ILC, issue, a public policy question that is currently pending before the Federal Deposit Insurance Corp...
...Frank, who is Chairman of the House Financial Services Committee, and Gillmor have argued that commercial firms shouldn't be able to own these banking charters because they pose a dangerous mix of banking and commerce. Both co- sponsored a bill last year that would prohibit companies such as Wal-Mart and Home Depot from owning these charters. The bill passed in the House but found no traction in the Senate...
... Wal-Mart is seeking a banking charter to process credit cards and other transactions. The company has said it has no interest in opening bank branches. Home Depot is trying to acquire the charter so that it can offer home construction loans. Many ILCs are owned by financial services companies.
Public outcry over the Wal-Mart and Home Depot applications, most of which came from community bankers, led the FDIC to place a six-month moratorium on any applications while it studied the public policy risks and issues associated with industrial banks. Even though ILCs must have state charters, they also need federal deposit insurance.
The FDIC's moratorium expires Jan. 31...
There is a petition to be signed:
http://action.walmartwatch.com/page/speakout/frankgillmor