The guy's right. I remember several years ago WalMart got turned down from forming an industrial bank. They would be their own credit card processor and save themselves (and consumers via lower prices) millions of dollars. Naturally, the Congressional Rats voted it down.
This is all part of crony capitalism, and what happens when governments sticks its nose into the markets.
I remember several years ago WalMart got turned down from forming an industrial bank. I remember that too. At the same time, they allowed Sears to do it, to process their own Discover card.