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Initial House ‘Offer’ on Wall Street Bill Preserves Dealer-Assisted Financing

June 22, 2010

WASHINGTON — In a crucial step forward today in conference committee negotiations, Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee, included the Brownback/Campbell auto dealer language in the House’s initial offer to the Wall Street reform bill.

“Main Street auto dealers commend Chairman Frank for including language which preserves auto financing as an affordable option for car buyers,” said David Regan, NADA vice president of legislative affairs.

Regan noted that the House’s offer fully acknowledges the Senate’s 60 to 30 vote (Brownback motion to instruct conferees) and the House’s strong, bipartisan position that auto dealerships should not be in a Wall Street reform bill. 

The House’s offer mirrors the amendment sponsored by Sen. Sam Brownback (R-Kan.), which was improved by the Senate during consideration of the bill. The House conferees could still modify the offer before it proceeds and is considered by the Senate. Conferees could make a final decision as to the fate of the auto dealer provisions in the bill as early as tomorrow.

“The fight is not over," Regan emphasized. "Dealers and dealership employees must urge all conferees to accept the House’s language regarding dealer-assisted financing, which continues the existing and effective regulation, and which currently provides consumers with competitive auto financing choices."

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