Democrat Lawmakers Urge Rejection OfWal-Mart Bank Bid

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WASHINGTON - (03/13/06) – A group of 32 Democrats in theHouse called on the FDIC Friday to reject the controversialapplication from retail giant Wal-Mart Stores for an industrialbank charter. The group, which would normally hold little swaybecause both the House and Senate are controlled by Republicans,may have more influence with the FDIC because its new chairman isMartin Gruenberg, former top Democratic staffer at the SenateBanking Committee. The group said it is worried that Wal-Mart willadopt predatory pricing, as it is charged with doing in retailing,to threaten community banks and credit unions. “This not onlythreatens community banks and credit unions but national bankinginstitutions as well,” they said.

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