For Immediate Release: February 23, 2006
Contact: |
Steve Adamske
(Frank), 202-225-7141
Bradley
Mascho (Gillmor), 202-225-6405
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Reps Gillmor and Frank Comment on FDIC's Decision to Hold
Wal-Mart Bank Hearings
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.
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The Committee oversees all components of the nation's housing and financial services
sectors including banking, insurance, real estate, public and assisted housing,
and securities. The Committee continually reviews the laws and programs relating
to the U.S. Department of Housing and Urban Development, the Federal Reserve
Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac,
and international development and finance agencies such as the World Bank
and the International Monetary Fund. The Committee also ensures enforcement
of housing and consumer protection laws such as the U.S. Housing Act, the
Truth In Lending Act, the Housing and Community Development Act, the Fair
Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community
Reinvestment Act, and financial privacy laws.