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Atlanta, The Home Depot may escape recently passed legislation barring retailers from operating banks. According to reports, Rep. David Scott (D-Ga.), said he supported the bill, but only if it included a provision allowing for Home Depot to continue with its plans to operate an industrial loan corporation (ILC).
According to reports, Home Depot intends to move forward with its plans to acquire EnerBank USA, and that because it applied for FDIC approval before Congress began to propose legislation on ILC bans, it should be exempt from any new laws put into place.
Although approved by the House of Representatives, the Industrial Bank Holding Company Act of 2007 still needs to go through the Senate, where it faces expected opposition from Robert Bennett (R-Utah), whose state charters most ILCs.