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Washington
Inside Washington (11/30/2007)
* WASHINGTON (12/3/07)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) was scheduled to introduce a bill that would not only restrict commercial ownership of industrial loan companies (ILCs), but stop the activities of those that are currently commercially owned (American Banker Nov. 30). Dodd’s bill is tougher than ILC legislation that passed through the House in May, with the exception that his bill would allow automakers to own ILCs. However, the bill is still in draft stages and must be approved by lawmakers such as Sen. Robert Bennett (R-Utah), a strong supporter of ILCs. Dodd’s bill comes just one month before a moratorium on ILC applications, imposed by the Federal Deposit Insurance Corp., is set to expire. FDIC Chairman Sheila Bair said the moratorium already has been extended for 18 months and will not be lengthened again …


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