Wal-Mart Open to Industrial Bank Hearing on Hill

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005774-wal-mart-open-to-industrial-bank-hearing-/

By Kristin Roberts, Reuters

Wal-Mart, the world’s largest retailer, has opened the door to a congressional hearing on industrial banks and is prepared to address questions in testimony on its controversial bid to start one.

According to a recent letter sent to at least one Republican lawmaker on Capitol Hill, Wal-Mart said it would be willing to testify to a subcommittee or meet informally with staff and congressmen on the issue of industrial banks.

A company spokesman on Tuesday said the letter was related to industrial banks in general, but that the company expected its bank application, now pending before regulators, would be raised during any congressional hearing, if held.

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