Obama likely to agree to lack of oversight for auto dealers

President Barack Obama is serious about reforming Wall Street. A White House spokesman has said that the president plans to sign whatever bill emerges from Congress regarding the issue, even if it contains an exemption for auto dealers from oversight by a new consumer finance agency. In the past, Obama has vehemently opposed this exemption. “The president vowed to fight efforts to weaken this bill and find ways to strengthen it, which is why he opposes carve-outs like this one that would exempt auto-dealer lenders from new consumer protections,” White House spokesman Matthew Lehrich said in a statement today. “While we knew that we’d not win every fight, the president will soon sign into law historic Wall Street reform that includes the strongest consumer protections ever.”

Negotiators for both chambers are working to wrap up a compromise measure today that they will send to the full House and Senate for a final vote before passing it along to the President. It has been agreed by reps from both chambers that auto dealers will largely be exempt from oversight.

-By: Stephen Calogera

Source: Automotive News

Chris Chin

Chris Chin is the Editor-In-Chief of egmCarTech and is a regular contributor to Automobile Magazine.

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