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Senate Vote on Brownback Amendment Possible Next Week
With 2 Republicans, Financial Overhaul Bill Moves Toward Approval
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Senate Vote on Brownback Amendment Possible Next Week

WASHINGTON -- Voting in the Senate on amendments to the Wall Street reform bill (S. 3217) has begun. A vote on Sen. Sam Brownback’s (R-Kan.) amendment is expected to take place after Tuesday of next week. “We have made a lot of progress on the Brownback amendment, but there are still several undecided senators who will make the difference to whether the amendment succeeds,” says David Regan, NADA vice president of legislative affairs. “The Brownback amendment strikes the proper balance and preserves the ability of consumers to secure affordable and competitive financing to purchase a vehicle.” The Senate on Thursday rejected a broader amendment to rein in the authority of the proposed Bureau of Consumer Financial Protection.

“Senators must be told how dealer-assisted financing helps consumers, and that including auto dealers in the scope of the new bureau would make auto loans less affordable and more difficult to get,” says Regan.
Source: NADA Legislative Affairs

Editor’s note: With a vote on the Brownback amendment quickly approaching, dealers are urged to contact both their senators today and ask them to support the amendment. To make the case to the Senate that dealer-assisted financing should not be subject to the new bureau, visit www.nada.org/Brownback. Dealer associations across the country are also strongly encouraged to place a link on their Web sites to www.nada.org/Brownback. Senators can be reached through the Capitol switchboard at (202) 224-3121. If you receive feedback on how your senators will vote or if you have any questions, contact NADA’s legislative office at (800) 563-1556 or legislative@nada.org.

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With 2 Republicans, Financial Overhaul Bill Moves Toward Approval

The effort to overhaul the nation's financial regulations cleared a crucial hurdle Thursday in the Senate, a signal that the landmark legislation, long stalled by filibuster threats and partisan standoffs, could be on the fast track toward passage. (Read more)
Source: The Washington Post

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Quotable
 
"Senators must be told how dealer-assisted financing helps consumers, and that including auto dealers in the scope of the new bureau would make auto loans less affordable and more difficult to get."

    -- David Regan, NADA vice president of legislative affairs, in a memo urging dealers to contact their senators to support the Brownback amendment, May 7


"Why on earth would we want to punish [small businesses] for the reckless behavior we saw on Wall Street?"

    -- Senate Minority Leader Mitch McConnell (R-Ky.), calling the creation of a new regulator a vast government overreach that would increase consumer costs, stifle financial innovation and burden smaller businesses with additional regulation, The Washington Post, May 7

Video Highlights
 

Dealers to Senators: We Are Not Banks


CBS Evening News: NADA Chairman Says Dealers Are Not Banks


C-SPAN: Sen. Brownback on Need to Exclude Auto Dealers from Financial Reform

NADA Marketplace 
 

NADA University: 'We Build Champions'

Red Flags Deadline Draws Near

With the revised June 1, 2010 enforcement date for the FTC Red Flags Rule rapidly approaching, NADA University has three ways you can find out if your dealership is adequately prepared. (Read more)


 
Think Speed. Think Savings. Think Lenovo!

NADA members may now use eCoupon USXMAYSAVINGS for an additional 5 percent off the sale price of the T410, X201, Y Series IdeaPad and K Series IdeaCentre. To see this promotion and all discounted products from Lenovo
, visit NADA's PC Purchase Program site (member log in required).

 

Only $549 for HP’s ProBook 4415s Notebook

Isn't it time to replace your worn-out PC? NADA members can save $388 on HP’s ProBook 4415s Notebook PC while supplies last. Included are the new Windows® 7 Professional, a full 14.0-inch display and a full-sized keyboard. To see this promotion and all discounted products from HP, visit NADA's PC Purchase Program site (member log in required).


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