WASHINGTON – Backers of legislation in Congress that would limit ownership of industrial loan companies did not find the kind of support they were hoping for in a hearing last week. The leading opponent of the bill, Sen. Robert Bennett (R-UT), has said he will put a stop to any bill that would ban commercial companies from owning ILCs. Utah, along with Nevada, home to Sen. Harry Reid (D-NV) who also is a critic of such limits, is home to the charters of numerous ILCs. Banks have been lobbying Congress to limit ILCs, which allow other commercial interests to own banking subsidiaries or subsidiaries that conduct financial transactions. One key hang-up: which agency would have oversight of ILCs?
Processing Content
