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: Senate Vote on Auto Dealer Exemption
Top Stories
Senate Sides With Auto Dealers
Senate: Exclude Car Dealers from Consumer Rules
Senate Supports Auto Dealer Carveout
Auto Dealers Win Support in Senate
Senate Wants Conferees on Financial Overhaul Bill to Exempt Auto Dealers From New Oversight
Senators Pick Financial Conferees
GOP Taps Critics to Meld Bank Bills
Top Stories
Senate Sides With Auto Dealers

In a sharp rebuke of President Obama, the Senate voted on Monday to direct conference negotiators to make sure that the final version of a sweeping financial regulatory bill includes a special exemption to shield automobile dealers from the oversight of a new Bureau of Consumer Financial Protection. (Read more)
Source: The New York Times

Editor’s note: The successful vote on the Brownback motion was due in large part to immense grassroots efforts by dealers and their employees. The thousands of phone calls, letters and e-mails were the critical difference that helped convince a broad bipartisan group of senators—including 23 Democrats—that the Brownback motion was good for consumers and good for Main Street. Senators clearly heard and understood that dealers do not underwrite, fund or service loans and that the potential regulatory overreach would end up hurting car buyers. Unnecessary rules and red tape would limit the availability of affordable auto finance options. As the financial reform package moves through its final steps over the next several weeks, dealers and their employees will be called upon again to make the case as to why neighborhood auto dealerships should not be in the Wall Street reform bill. Click here for the media statement by NADA President Phil Brady that was issued shortly after the Senate vote.

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Senate: Exclude Car Dealers from Consumer Rules

WASHINGTON — In a rare defeat for President Barack Obama, the Senate on Monday called for auto dealers to be excluded from the regulations of a proposed consumer financial protection bureau. (Read more)
Source: The Associated Press

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Senate Supports Auto Dealer Carveout

The Senate voted Monday in support of exempting auto dealers from a new consumer financial regulator that is part of the Wall Street overhaul bill. (Read more)
Source: The Hill

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Auto Dealers Win Support in Senate

Motion urges that dealerships be exempt from supervision by watchdog agency

WASHINGTON -- Despite strong opposition from the White House, the Senate voted Monday to help auto dealers escape oversight from a new consumer watchdog agency. (Read more)
Source: The Detroit News

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Senate Wants Conferees on Financial Overhaul Bill to Exempt Auto Dealers From New Oversight

The Senate expressed support Monday for exempting auto dealers from the reach of the consumer financial protection entity established in the pending financial regulatory overhaul measure. (Read more)
Source: CQ Today

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Senators Pick Financial Conferees

WASHINGTON — Congressional leaders began putting together the team of U.S. lawmakers Monday that will finalize sweeping changes to U.S. financial markets, and the expected lineup suggests banks could face an uphill battle eliminating the more onerous curbs on their business. (Read more)
Source: The Wall Street Journal

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GOP Taps Critics to Meld Bank Bills

Republicans are expected to choose five senators who voted against the Wall Street reform legislation to work with Democrats on reconciling the House and Senate bills – a move that suggests the conference committee will break down along partisan lines. (Read more)
Source: POLITICO

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Quotable
 
"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."

    -- NADA President Phil Brady, in a statement issued Monday after the Senate endorsed pro-consumer auto dealer language in the Wall Street reform bill, The Hill, May 24
Video Highlights
 

Sen. Brownback at May 19 News Conference (NADA-TV)


Car Dealers and Wall Street Reform? (CNN)


NADA Chairman Says Dealers Are Not Banks (CBS Evening News) 


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

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NADA University: 'We Build Champions'


 
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