Granting Wal*Mart a bank chartter would violate U.S. policies that separate banking from commerce. Granting the charter would add to Wal*Mart's monopolistic power and would tie the well-being of the bank to the fortunes of the retail arm of the company. As history shows, if the charter were granted, Wal*Mart would then seek to open bank branches and work to force other banks out of business. Their policy is not to compete, it's to dominate. They will also do whatever they can to skirt regulations that don't work in thei r favor. They are trying first for a State-chartered industrial loan company because it would be exempt from the federal laws that prohibit commercial companies from engaging in banking.

I sent this letter to my Congressmen, today.