- Rep. Jim Leach (R-Iowa), the former head of the House of Representatives financial services committee, said yesterday that he will introduce legislation that would prevent retailers from operating industrial banks in certain states. He said he was introducing the bill because he "did not believe in mixing commerce and banking," not because he was targeting Wal-Mart…which earlier this year applied to the Federal Deposit Insurance Corporation (FDIC) to open just such a bank in Utah, one of five states where commercial firms may own such companies.
- The Wall Street Journal reports that in order to drive higher sales this fall and winter, Wal-Mart plans to add more cutting edge electronics and fashion items to its stores – including such products as a $1,000 digital camera.
However, the company is emphasizing to anyone who will listen that it is not abandoning its core, lower-income audience.
