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ICBA Applauds Financial Services Committee Passage of Frank/Gillmor Bill

Measure Would Continue to Ensure Safety and Soundness, Impartial Allocation of Credit

Washington, D.C. (May 2, 2007)—The Independent Community Bankers of America (ICBA) applauded the House Financial Services Committee for passing the ICBA-endorsed Industrial Bank Holding Company Act (H.R. 698) sponsored by House Financial Services Committee Chairman Barney Frank (D-Mass.) and Rep. Paul Gillmor (R-Ohio). The bill now goes to the full House of Representatives for consideration.

"Advancing this measure is a major step toward ensuring the continued safety and soundness of our financial system. It will also ensure that all Americans can continue to enjoy the impartial access to credit that comes from having a diversified financial system," said James P. Ghiglieri, Jr., ICBA chairman and president of Alpha Community Bank, Toluca, Ill. "ICBA looks forward to continuing to work with the Congress on this important legislation until it becomes the law of the land."

The ICBA-endorsed legislation would close the loophole in the Bank Holding Company Act that allows commercial firms like Wal-Mart, Home Depot and others to own an industrial loan company (ILC), preserving the long-standing wall that separates commerce and banking. H.R. 698 has been endorsed by all 87 state banking trade associations representing all charter-types and sizes and is cosponsored by 131 members of Congress.

ICBA thanks Chairman Frank and Rep. Gillmor for their ongoing leadership in developing legislation to close the ILC loophole and commends the committee for its fast action to advance H.R. 698.