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Stop the Wal-Mart Bank

Unless we take action to close the industrial loan corporation loophole, Wal-Mart will continue to pose a threat to America's banking industry. Senator Chris Dodd has proposed a piece of legislation that will patch the defect in our banking policy, but the bill is bogged down in a partisan debate. Without intervention, the bill may not even make it to the floor for a vote.

We need your help in getting this vital legislation through the Senate. Write your Senators today and tell them to take a stand for sound banking policy. Together, we can keep Wal-Mart out of the American banking industry for good.

November 07, 2009

Subject:

Dear Senator,

I write today to encourage you to consider and adopt Senator Chris Dodd’s (D-CT) legislation to close the Industrial Loan Corporations (ILC) loophole. As you know, the ILC loophole permits commercial entities to own and operate industrial bank companies with very little oversight. The mixing of banking and commerce and inadequate oversight threatens the banking system and the federal deposit insurance fund. The intersection of banking of commerce is dangerous because when banks are owned by commercial entities, conflicts of interest can skew loan decisions, unfairly restricting access to capital. The business practices of Wal-Mart are just those that give rise to concerns about conflicts of interest and unfair use of capital. At every turn, we have seen Wal-Mart, the world’s largest retailer, with more than $12 billion in profits in the past year, continually put its bottom line ahead of the safety and well-being of its customers. In 2005, Wal-Mart applied to start an ILC. After significant controversy, Wal-Mart withdrew that application in March 2007, and has since moved into banking in Mexico. Until this loophole is closed, there is nothing to prevent Wal-Mart from applying again. Wal-Mart’s history of putting profits ahead of American workers and consumers is not the type of corporation that has a place in the American banking industry. Until the ILC loophole is closed, Wal-Mart will continue to pose a threat to the soundness of the American banking industry. For the above reasons, and more, I respectfully urge you to support Chairman Dodd’s legislation. Thank you for your consideration,
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