Yesterday, the United Food and Commercial Workers (UFCW) International Union, along with fellow labor unions and community groups, sent a letter to all members of the U.S. House of Representatives in strong support of the Industrial Bank Holding Act of 2007 (H.R. 698). The letter outlines the benefits of H.R. 698, a common-sense approach to addressing the huge growth of industrial loan companies (ILCs), and urges the Representatives to join 104 others in cosponsoring the bill.
“We need to close the loophole, and end the threat to the soundness and security of the U.S. financial system,” said UFCW International Vice President and Director of the UFCW Legislative and Political Action Department, Michael J. Wilson.
On Thursday, April 26, the House Financial Services Committee will hold a hearing on H.R. 698.