Sen. Sam Brownback (R-Kan.) is planning to offer an amendment to exempt auto dealers from the financial regulation bill when the Senate considers the proposed legislation as early as next week.
The one obstacle that could hamper the return of the auto finance market moved one step closer to becoming reality after the Senate Banking Committee voted yesterday to approve Senator Christopher Dodd’s (D-Conn.) new finance reform bill.
The legislation that aims to create a new consumer protection watchdog was resurrected yesterday in the Senate, but the new financial bill received a cold reception, both from those for and against the creation of a new federal entity.
President Barack Obama addressed Wall Street’s financial firms Monday to promote his agenda for financial regulatory reform, which includes expanding the authority of the Federal Reserve and creating the Consumer Financial Protection Agency (CFPA). But at least one association representing the financial services industry is balking at his proposals.
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