Foundation for Economic Education
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Greenspan Opposes Wal-Mart Move into Banking
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“Outgoing Federal Reserve Chairman Alan Greenspan is opposing a regulatory loophole that allows corporations to own banks, according to a media report Thursday. Greenspan's opposition, contained in a 12-page letter to Congress, thrusts him into the controversy over an attempt by Wal-Mart Stores Inc. to use the loophole to establish a bank in Utah, The Wall Street Journal reported in its online edition.” (MarketWatch [1], Thursday)
Closing a loophole: Washington-speak for squelching a bit of freedom overlooked by the regulators.
FEE Timely Classic
“The Forgotten Private Banker” [2] by Richard Sylla
Article printed from Foundation for Economic Education: http://www.fee.org
URL to article: http://www.fee.org/articles/in-brief/greenspan-opposes-wal-mart-move-into-banking/
URLs in this post:
[1] MarketWatch: http://www.marketwatch.com/news/story.asp?guid=%7B02DBD040-31DE-479F-B489-3BCDD2C9D7E9%7Damp;siteid=google
[2] “The Forgotten Private Banker”: http://www.fee.org/publications/the-freeman/article.asp?aid=3241
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