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(KSL News) -- The chairman of the Federal Reserve doesn't want just anyone owning a bank and he wants Congress to change the law that allows it.
Greenspan wants Congress to stop so-called industrial loan companies that are basically banks owned by non-banking companies. Wal- Mart, for example, wants to open one such bank in Utah.
He says the banks threaten the ability of Congress to direct our nation's financial system. Right now there's a loophole that allows companies to own banks. These loan companies began in 1987 and were usually locally-owned institutions. Since then they've grown considerably, and Greenspan wants to stop them.
These banks operate mostly in Utah, California and Nevada.
