Urgent Call-to-Action: Stop Senate Conferees from Removing Auto Dealer Exemption from Finance Reform Bill
Time is running out. Today’s vote could overturn dealer exemption
WASHINGTON – Today, House and Senate conferees are likely to consider an amendment to the Wall Street reform bill which seriously jeopardizes the exemption for dealer-assisted financing. Since a vote is likely to occur as early as this afternoon, NADA is asking all dealers to contact conferees to urge them to reject the Senate offer and support the House offer without amendment.
The Senate language throws out the bipartisan auto dealer language, sponsored by Sen. Sam Brownback, R-Kan., and Rep. John Campbell, R-Calif., and clearly subjects auto dealers to the jurisdiction of the Consumer Financial Protection Bureau. It ignores two bipartisan House votes and a 60-30 vote by the Senate to keep Main Street auto dealers out of the Wall Street reform bill.
“We’re urging dealers and dealership employees to contact their Members of Congress immediately and have them ask the conferees to support the House’s auto dealer language to the financial reform bill,” said David Regan, NADA vice president of legislative affairs.
On Tuesday, House conferees rejected an amendment that would have crippled the NADA-supported Brownback/Campbell provision that was included in the House offer. Later, Senate conferees made a counter-offer that contained “a reversal to the widely supported Brownback/Campbell language that would make it harder and more expensive for car buyers to access auto credit,” Regan said.
“All conferees should accept the House offer,” Regan added. “The Senate counter-offer runs against the stated position of a majority in both the House and Senate, while the House offer is a carefully and narrowly crafted exclusion that protects consumers while keeping auto credit accessible and affordable.”
NADA is urging conferees to reject the Senate counter-offer regarding the auto dealer provision, because it would not exclude a single auto dealer from jurisdiction of the CFPB, despite assertions to the contrary. If the Senate counter-offer prevails, NADA will oppose final passage of the conference report to H.R. 4173.
“We must impress upon all Members of Congress how critical this issue is to keeping affordable dealer-assisted financing for consumers from all walks of life,” Regan said.
Editor's Note: For more information, visit www.nada.org/keepcreditaffordable. Click here for a list of phone and fax numbers of conferees. If you find out information on a conferee’s position on the Senate offer, please e-mail email@example.com.
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