Senator Seeks to Protect His State's ILC Industry

(American Banker)

ELTnews

Sen. Bob Bennett (R-Utah) is Congress' staunchest supporter of industrial loan companies (ILCs). As Utah's representative in the Senate, Bennett wants to make sure the state's ILC sector continues to thrive. Thirty-three of the nation's 60 ILCs are in Utah, and the state accounts for $115 billion of the sector's $140 billion of assets.

As the second-highest ranking member of the Senate Banking Committee, Bennett also wields enough power to stymie legislative attempts to limit ILC operations, and says he will do just that if necessary.

At the same time, Bennett says he can sympathize with opponents of Wal-Mart's bid to open an ILC, which is why he says he has made Wal-Mart pledge not to use the charter for any other purpose but to process payments.