Immediate Release
Contact: Chris Kofinis (202) 486-6422

HUGE VICTORY FOR WAKEUPWALMART.COM GRASSROOTS MOVEMENT - WAL-MART PULLS BANKING APPLICATION

GROWING POLITICAL AND GRASSROOTS PRESSURE FORCE WAL-MART TO PULL ILC BANKING APPLICATION

The following statement is attributable to Chris Kofinis, communications director for WakeUpWalMart.com:

“Yesterday, WakeUpWalMart.com called on Wal-Mart to withdraw its ILC banking application, and in less than 24 hours Wal-Mart did just that.

Truth be told, today is a huge victory for our grassroots movement and our allies who have worked endlessly to expose Wal-Mart's true banking ambitions, as well as to stop a ‘Wal-Mart bank’ from endangering our nation's economy.

As we, and so many others, have long argued, a Wal-Mart bank would have posed a dangerous and unnecessary risk to our nation's economy, and could not be permitted to proceed.

In the end, Wal-Mart bears the blame for their failed bank application. Wal-Mart’s continued unwillingness to be honest and direct with the American people and their less than truthful testimony to elected leaders and the FDIC created a growing political firestorm that erupted yesterday on Capitol Hill.

As a result, because of the incredible outpouring of grassroots and political pressure, Wal-Mart did the only responsible thing and once again withdrew its banking application.”