The drama on Financial Regulation Bill is still feeling the heat as one more turning point is seen in this heavily charged up issue. Sen. Sam Brownback suggested the amendment in the bill in this regard which is will be presented lately today for the debate openly in the senate. We are continuously in the touch of this one of the hottest issue of automotive industries in USA and are making you aware of all the breaking news that take place in this context. Here are some of the details of the latest event.
The brief summary
Many of the Consumer Protection Agencies have opposed the Finance Regulation Bill by saying that the clause of exempting dealers from the vital role of finance in the Bill is quite harsh and will lead to clean cheat to the dealers in continuing their malfunctions in Finance. The agencies were continuously putting pressure in this topic on the senate as well. Couple of days before President Obama suddenly hooked un in the issue by offering help of the Consumer Protection Agencies with the statement that, “The exemption of dealers will definitely inspire the dealers and their malfunctioning”, and expressed concern in this topic for the Consumer Protection Agencies.
The latest change
The latest change in the issue is that Brownback has now expressed concern for the Military Groups who also are one of the sufferers of this Bill and has suggested amendments to create a new Agency which will take care of any of the complains of Military families. Under this proposal, the Military Liaison office of the proposed agency will coordinate with the Federal agencies and also will solve the companies of Troops with keen care.
The possible drawback
Under the proposed amendments, the rights to take actions and also to see the problems of Military families lies again with Federal Reserve and Federal Trade Commission which is quite depressive. There are also no rights given to add any of the new layers of changes to the newly formed agencies for the concern of Military Groups.
The state of Military agencies
The Military Officers Association of America has opposed these changes as according to them, these changes are having no significance and will change almost nothing for the Military families and their problems. The spokes person of the Association said that,
“These change fails to provide any additional protections for service members and their families from unscrupulous dealers and places responsibility directly onto the troop to identify fraud and avoid being taken advantage of.”
The Bill is expected longer debate in the Senate lately today. Till then, wait and watch!!