Car dealers win Senate support in lending effort

[Mass]

So, the senate suggest to the conference committee that another category of unscrupulous lenders should not be subject to the financial law, after payday loans and out of state credit cards. And this could not be done without Dems voting for this, including a few liberal dems, like Kerry, Wyden, Lautenberg, or Menendez.

I guess that being concerned about low-income people who get tricked into loans they cant afford is not their problems. To his credit, president Obama opposed the amendment, though, and we can hope the Conference Committee will just ignore this vote.

http://www.detnews.com/article/20100524/AUTO01/5240411/1361/Car-dealers-win-Senate-support-in-lending-effort

Car dealers win Senate support in lending effort
David Shepardson / Detroit News Washington Bureau
Washington -- The Senate voted today to help auto dealers escape oversight from a new consumer watchdog agency, despite the strong opposition of the White House.
By a 60-30 vote, the Senate approved a non-binding motion that urges Senate negotiators to keep auto dealers out of the oversight of the proposed Consumer Financial Protection Agency, a key part of the Obama administration's overall plans to overhaul financial regulations.
Both Michigan senators, Carl Levin, D-Detroit, and Debbie Stabenow, D-Lansing, voted against the motion. But many prominent Democrats voted for it, including Senate Majority Leader Harry Reid, D-Nev., and Sen. John Kerry, D-Mass.

...

Auto dealers lobbied Congress for months, and more than 250 dealers were on Capitol Hill last week, attempting to convince undecided senators to exempt them from additional federal oversight.
A version of the House financial overhaul approved in December exempted the auto dealers. The motion approved today urges the Senate to adopt the House version.
But negotiators could still opt to keep the Senate language -- though today's vote will make it more difficult.
Auto dealers hailed the vote.
...
"Auto dealer-lenders sell auto loans to working families every single day, and while most dealers are no doubt above-board, some cannot resist the bigger profits that come from inflating rates, hiding fees, and tacking on over-priced add-ons," Psaki said.
In a letter to the Treasury Department in February, Clifford Stanley, an undersecretary of Defense, raised concerns about the impact that "unscrupulous practices" of some auto dealers have on military families. Army Secretary John McHugh recently sent a letter to Senate Banking Committee chairman Christopher Dodd, D-Conn., "voicing his objection to Brownback's amendment."

[flpoljunkie]

1. Shame on the Senate! Car dealers some of the worst consumer loan offenders.

[msongs]

2. prostitutes will not snitch on their pimps nt

[flpoljunkie]

3. Senate roll call. Thirty Dems voted no.

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00163

[rpannier]

4. Interesting and Odd

Feinstein was a No vote and Boxer was a Yes

Disappointed in Boxer