Wal-Mart's decision in March to withdraw its industrial loan application with the FDIC has not quelled Congressional efforts to restrict commercially owned firms from acquiring ILCs. The House Financial Services Committee held a hearing April 25 on the "Industrial Bank Holding Company Act of 2007" (H.R. 698), sponsored by House Financial Services Chairman Barney Frank (D-MA) and Rep. Paul Gillmor (R-OH). The bill is to be marked-up May 1. Chairman Frank expects the House will pass a "restrictive" bill, narrowing the ability of non-financial firms to operate ILCs.