Obama Government has announced their support to the Consumer Protection campaign that was demanding exclusion of the clause that was exempting dealers from financial regulation. This could be the dead end for the dealers as the firm statement of Obama could be the decisive factor and now it seems quite sure that the dealers will have to cover themselves in the Financial Regulation imposed by the USA Government.
Previously the Committee has suggested exemption of dealers from the regulation which was opposed highly by many of the Banks, Civil Right Groups, Consumer advocates and Military families mainly. The basic theme of opposing this clause is increasing number of misleading statements and deals by the dealers. Also the Military families are suffering highly because of the scams of the dealers. The bill is already in the Senate and many more clauses have already being discussed. Till yesterday, no statement or support was announced from Obama Government which made the protesters depressed but on the last minute the magical words of Obama were poured in ears of them and they were thrilled up with joy.
“These amendments encourage misleading sales tactics that hurt American Consumers”, said the President in the end to support the protesters and expressed his strong willingness to represent the amendments in the Financial Regulation Bill which has favored the auto dealers against the rights of consumers. Sen. Sam Brownback, R-Kan, is determined to introduce the dealer exemption amendment as early as possible. Huge protest and oppose is being raised in the Military families as they are worst sufferers of dealers’ manipulation.
The president also expressed his deeper interest and concern towards the American Consumers by saying that,
“This amendment guts provisions that empower consumers with clear information that allows them to make the financial decisions that work best for them and simply encourages misleading sales tactics that hurt American consumers and unfortunately, countless families — particularly military families — have been the target of these deceptive practices”.
This could give biggest threat to those 17,000 members of National Automobile Dealers Association who have been pressurizing continuously to their senators. NADA has expressed greater confidence to win this battle as they are having greater support of the senators. One of the supporters of NADA and stronger contestant for the post of Governor of Kansas said,
“The Auto dealers are a part of Main Street, not Wall Street, and they are not responsible for the financial meltdown. Auto dealerships, including those located near military bases, are currently regulated by the Federal Trade Commission on the federal level and by several local and state agencies.”
So, both the parties are firm to make their day in the Senate. Just wait and watch!!