The United States Treasury Department is considering a plan to revamp financial regulation that would allow commercial firms like Wal-Mart to own and operate banks. 

The Independent Community Bankers of America has led the fight against mixing banking and commerce and the group's president and chief executive recently bashed the Bush administration's idea.

Others, however, have acknowledged the difficulty in seperating bank and non-bank activities and feel that regulation should respond accordingly.  Those, like former Utah Banking Commissioner George Sutton, believe that "seperating banking and commerce is an antiquated and outdated notion."

If passed, this new regulation would create yet another supervisory body called the Prudential Financial Regulatory Agency.

http://www.americanbanker.com/article.html?id=20080402MS6G0M35

 

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