NADA Emphasizes Urgency of Dealer Call-to-Action in Support of Brownback Amendment
WASHINGTON (April 16, 2010) - Senate Majority Leader Harry Reid (D-Nev.) has indicated that the Senate may expedite consideration of the financial reform bill that calls for creation of a new Bureau of Consumer Financial Protection.
Ed Tonkin, in an interview for NADA-TV, says "time is critical" for dealers to contact their Senators and urge them to support the Brownback Amendment. Sen. Sam Brownback's (R-Kan.) amendment would exempt dealers from the bureau.
"Keep in mind, the House exempted auto dealers from its financial reform bill for good reason. The Senate should do the same," Tonkin says. "Auto dealers should never have been included in the Senate bill in the first place. The Brownback Amendment will correct that mistake," Tonkin added.
NADA's legislative office is urging dealers to remind their Senators that dealers' 'Main Street' businesses did not contribute to the financial meltdown, and that auto financing is already well regulated at both the federal and state levels.
"Another layer of burdensome regulation will limit access and increase the cost of credit for all car buyers," Tonkin says.
Editor's note: You can reach both of your Senators through the Capitol switchboard at (202) 225-3121.