Dealer exemption from oversight gets boost after Senate recommendation
WASHINGTON -- Dealer groups prevailed today in a U.S. Senate vote on whether to exempt dealers from oversight by a proposed consumer finance agency.
The Senate voted to recommend to its leaders that they agree to the exemption in a conference committee with House leaders.
The non-binding vote today was 60-30.
Senate and House leaders will meet in weeks ahead to reconcile differences in the financial regulation bills that passed the two chambers.
The House measure included a regulatory exemption for dealers who are arranging consumer loans. The Senate bill did not contain such an exemption.
The legislation that emerges from conference will go to President Obama for his signature.
The National Automobile Dealers Association plans to lobby congressional leaders during the conference, NADA spokesman Bailey Wood said.
The Senate voted to recommend to its leaders that they agree to the exemption in a conference committee with House leaders.
The non-binding vote today was 60-30.
Senate and House leaders will meet in weeks ahead to reconcile differences in the financial regulation bills that passed the two chambers.
The House measure included a regulatory exemption for dealers who are arranging consumer loans. The Senate bill did not contain such an exemption.
The legislation that emerges from conference will go to President Obama for his signature.
The National Automobile Dealers Association plans to lobby congressional leaders during the conference, NADA spokesman Bailey Wood said.
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