Friday, May 21, 2010

Senate passes financial regulation bill - auto dealers not exempt ... for now

The Senate approved far-reaching new financial rules on Thursday aimed at preventing the risky behavior and regulatory failures that brought the economy to the brink of collapse two years ago and cost millions of Americans their jobs and savings. Read full story here.
In a huge win for consumers, the Brownback amendment that would have exempted auto dealers was not part of the final bill. But the fight isn't over yet; it could still be an issue as the House and Senate reconcile their two bills.

Here's the auto industry's take on it: Before this meeting of House and Senate leaders takes place, though, the Senate has scheduled a vote Monday, May 24, on a proposal by Sen. Sam Brownback, R-Kan., said Bailey Wood, a National Automobile Dealers Association spokesman.

The Brownback proposal would instruct Senate conferees to agree to the House bill's exemption for dealers, Wood said.

If the Senate approves this proposal -- and Wood is confident it will -- Senate leaders would be bound to join House leaders in including the dealer exemption in the single bill that emerges from conference, the NADA spokesman said.

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