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Lawmakers Pass Amendment to Exclude Auto Dealers From New Federal Agency
October 22, 2009The House Financial Services Committee approved a key amendment, 47-21, to keep automobile dealers under the already effective federal and state laws which govern vehicle financing. The amendment, sponsored by Rep. John Campbell, R-Calif., will not subject auto retailers to the regulations of the proposed Consumer Financial Protection Agency (CFPA), but will continue the full range of consumer protection rules of the Federal Reserve, the Federal Trade Commission and state laws. The National Automobile Dealers Association (NADA) led a grassroots campaign in support of the Campbell Amendment. "NADA and dealers across the country applaud the overwhelming bipartisan support for the Campbell Amendment," said David Westcott, chairman of NADA's Government Affairs Committee and a multi-franchise dealer from North Carolina. "It makes sense to exclude dealers. Dealers had absolutely nothing to do with the credit crisis." Full release.