Senate Supports Auto Dealer Language in Wall Street Reform Bill
WASHINGTON - Today, the Senate endorsed pro-consumer auto dealer language preserving affordable auto financing options for car buyers in the Wall Street reform bill, which now proceeds to House-Senate conference negotiations.
In response, the National Automobile Dealers Association (NADA) President Phil Brady released the following statement:
"The Senate clearly supports not including Main Street auto dealers in the Wall Street reform bill. Dealers across the country are pleased that both the Senate and House are now on record supporting language which is pro-consumer and preserves dealer-assisted financing as an affordable, convenient and competitive source of credit.
"Senators clearly understand that dealers are not lenders—they do not underwrite, fund or service auto loans. They also realize that jurisdiction of the Bureau of Consumer Financial Protection over auto dealers is unnecessary because dealers are already effectively regulated by the Federal Reserve, the Federal Trade Commission and state agencies.
"Dealers especially applaud Senator Brownback's leadership in building strong bipartisan support in the Senate and for appreciating that dealers were as much victim of the credit crisis as were consumers. We urge the House-Senate conferees to retain language which preserves auto dealers' ability to provide affordable financing options for consumers in the final bill.
"NADA would also like to thank all the many dealers and their employees around the country that made their voices heard on such an important issue. This was a vote in favor of consumers and Main Street businesses."
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