[April 10, 2006] How a Wal-Mart Bank Can Hurt Consumers, Economy: Tuesday Testimony in Washington Brings Potential Problems to Light Tweet (Comtex Finance Via Thomson Dialog NewsEdge)WASHINGTON, Apr 10, 2006 (U.S. Newswire via COMTEX) --If Wal-Mart's application to create an industrial loan bank in Utah is approved, there will be far-reaching implications for the safety and soundness of the banking system, and grave consequences for consumers and taxpayers. A new report and federal testimony show regulatory loopholes that could allow a Wal-Mart bank have the potential to destabilize economic growth and living standards. On Tuesday before the Federal Deposit Insurance Corporation, Financial Policy Forum Director Randall Dodd will address these economic risks in testimony he will present on behalf of FPF and the Economic Policy Institute. His testimony and a new report explain that allowing companies like Wal-Mart to set up banks without the protections required of traditional banks would weaken the regulatory framework for the U.S. financial system. --- FOR WASHINGTON, D.C.-AREA JOURNALISTS: Dodd will deliver testimony to the FDIC on Tuesday, April 11,. beginning at 10:40 a.m., at 3501 Fairfax Drive, Arlington, Va. FOR JOURNALISTS NATIONWIDE: Contact EPI at 202-775-8810 or news(At)epi.org for a copy of Dodd's testimony and new report. --- The Economic Policy Institute is an independent, nonprofit, nonpartisan research institute -- or "think tank" -- that researches the impact of economic trends and policies on working people in the United States and around the world. http://www.usnewswire.com Nancy Coleman, Karen Conner, or Stephaan Harris, 202-775-8810 or [email protected] , All of Economic Policy Institute [ Back To TMCnet.com's Homepage ]