WASHINGTON, DC- Congressman Paul Gillmor (R-OH) and Ranking Member Barney Frank (D-MA) released the following statements regarding the decision by the Federal Deposit Insurance Corporation to hold four days of hearings on the Wal-Mart application for an Industrial Loan Company (ILC) charter in the State of Utah:

"I am pleased by the FDIC's decision to receive additional comments on Wal-Mart's application," said Congressman Paul Gillmor (R-OH).  "Though my interest in the ILC-debate goes beyond the Wal-Mart application, it is my hope that these public hearings will shed light on the larger question of why must we maintain the historic separation between banking and commerce.  A final determination on this application should really only be made after a thorough debate involving lawmakers, regulators, and the American public."

"I thank the FDIC and Acting Chairman Gruenberg for deciding to hold public hearings on the Wal-Mart application for an ILC charter.  The application raises serious public policy issues, and the FDIC has recognized that members of the public should have an opportunity to present their views on the application to the FDIC," said Congressman Frank.