House Financial Services Committee Chairman Barney Frank (D-MA) and Rep. Paul Gillmor (R-OH) re-introduced on Jan. 29 the "Industrial Bank Holding Company Act of 2007" (H.R. 698), which would restrict commercially owned firms like Home Depot from acquiring ILCs. The bill was dropped to coincide with an FDIC meeting on Jan. 31, when the agency did approve a moratorium on ILC applications affecting only commercial firms that will expire on Jan. 31, 2008. In Dec. 2006, Chairman Frank and Rep. Gillmor and more than 100 Representatives called on the FDIC to give Congress further time to hold additional hearings on the appropriate policy response to the rise in ILC applications.