Fed's Kohn on regulatory relief

In testimony 'Regulatory relief' given on 9 June Donald Kohn of the Federal Reserve said the Fed opposes parts of a bill that allows industrial loan companies to offer interest-bearing business transaction accounts without making the companies subject to rules governing insured banks.

"Simply stated, if the ILCs want to benefit from expanded powers and become functionally indistinguishable from other insured banks, then they and their corporate parents should be subject to the same rules that

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