With President Obama’s signature, the most significant overhaul of the nation’s financial system is now law and with it, consumers will still be able to find competitive financing options at auto dealerships.
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.
The United States Senate demonstrated bipartisan support for auto dealers on Monday, voting 60-30 to approve a “motion to instruct” lawmakers to include the Brownback Amendment in future versions of the financial regulation bill.
Despite the Pentagon's and two lender associations’ opposition to the Brownback amendment, the National Automobile Dealers Association continued its campaign to build support for the amendment that would exempt dealers from the authority of the financial reform bill, S. 3217.
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