The U.S. House overwhelmingly passed the “Industrial Bank Holding Company Act of 2007.” The bill restores the historic separation between banking and commerce, prevents branch banking by some commercially-owned ILCs, and bolsters the supervisory authorities of the FDIC as a holding company regulator. “H.R. 698,” was co-sponsored by Paul Gillmor (R-OH), Barney Frank (D-MA), and Jim Marshall (D-GA). The bill was introduced on January 29th, the subject of a hearing on April 25th, and was overwhelmingly passed by the Financial Services Committee on May 2nd. Frank, who is Chairman of the House Committee on Financial Services, said he hopes to work with the Senate to forge a compromise bill that the President can sign.