Frank Says ILC Legislation Still Necessary Even After Wal-Mart Withdrawal

Despite Wal-Mart's withdrawal of its application for an FDIC-insured ILC charter, Rep. Barney Frank, Chairman of the House Financial Services Committee, thinks federal legislation regarding Industrial Loan Corporations is still necessary. In a statement posted to the committee's website, Frank said:

I appreciate the constructive step by Wal-Mart not to pursue an ILC
charter, but it does not in my judgment, remove the need to legislate in this area.

In addition, the committee now lists the March 22, 2007 hearings on H.R. 698, the Industrial Bank Holding Company Act of 2007 on its website, although no information on witnesses is provided.

I wonder if Wal-Mart was invited.