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WASHINGTON — The House of Representatives overwhelmingly passed the Industrial Bank Holding Company Act of 2007 (H.R. 698) by a vote of 371 to 16.

The bill seeks to draw a line in the sand between banking and commerce after Wal-Mart applied for an industrial loan company charter. According to the bill’s sponsors, it would restore the historic separation between banking and commerce, prevent branch banking by some commercially-owned ILCs, and bolster the supervisory authorities of the FDIC as a holding company regulator.

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