- The US House of Representatives last week overwhelmingly passed a bill that would prevent non-financial companies such as Wal-Mart from setting up interstate banks. The goal of the bill is to close a loophole in current law that allows such non-financial companies to acquire industrial loan companies.
- U.S. Rep. Mary Bono (R-California), and Darlene Hooley (D-Oregon) have introduced legislation that would reinstate mandatory country- of-origin labeling (COOL), requiring fresh fruits and vegetables and other foods to carry labels showing where they are produced. If passed, the legislation would require that COOL take effect Sept. 30.
The legislation is designed to reverse a two-year delay of COOL that was approved by Congress last month.