I don't get their agenda in saying that Kerry and Brown agreed on everything. Are they implying that both are voting independently or that Brown is voting with the Democrats or Kerry with the Republicans? Votes they label 2 or 3 were 80 plus in one direction or the other. (It would be a big deal if Kerry or Reed had voted yes on the Afghanistan amendment.) The big vote there in terms of voting against your party was the emergency supplemental, where Brown was one of a small group crossing party lines.
The only one where Kerry and many other Democrats, including Boxer, Menendez, and Lautenberg, voted with the Republicans was the Brownback instructions. Here is Brownback's explanation:
on the House floor, and it was defeated as far as to put the auto dealers in the regulatory process, so it was excluded in the House--full consideration at the committee; at the full House level, excluded.
What we are asking, now that this bill has passed, is in the motion to instruct our conferees, the Senate conferees, in going with the financial regulatory reform bill, to recede to the House position regarding the auto dealers.
I think this is a good motion to instruct conferees. I think it is something we ought to do. I think it is something that will be very helpful. I make this simple point to my colleagues: Under the Consumer Financial Protection Bureau, 100 percent of all auto loans will still be covered. If you vote for the Brownback instruction, if we recede to the House position, 100 percent of the auto loans will still be covered. We are saying in this, and the House position says: If you actually loan the money--if you are GMAC, if you are some other financiers up the street, you are under the CFPB. If you are simply the retail storefront, which is what the auto dealers are, you are not covered under the Consumer Financial Protection Bureau. You are not covered if you are just the storefront arm of this, but 100 percent of the loans are covered.
If you are an auto dealer and you make the actual loan yourself and it is your money you are lending, you are covered under the Consumer Financial Protection Bureau. If you are simply the storefront operation out here doing this, you are not covered.
The auto dealers are asking for this. They do not want the additional cost and burden of this regulation on them. They are the quintessential Main Street business throughout the country. There is not a single auto dealer on Wall Street--none of them, not one. You can go up there today and try to buy a car and you cannot get one.
These are Main Street businesses, and they took it on the chin last year. We lost, last year alone, 1,700 dealerships across America resulting in the loss of approximately 88,000 jobs. Why would we want to put a duplicative set of regulations on top of them that are already covered upstream and they have already had these sorts of losses and difficulties in a Main Street business?
We need people to create 88,000 jobs, not to eliminate or lose 88,000 jobs. Franchised auto dealers are the retail outlets. They are the storefronts that process the paperwork for various well-known brands with large financial arms. Under the House provision that my motion instructs us to recede to, these financial arms would still be regulated, but the dealers who process the paperwork would not.
Additionally, even if my motion is agreed to, auto dealers would still be regulated by the FTC and various State laws, so consumers would still have protections to ensure the truth in lending still applies.
In fact, I have a couple of pages here of regs--excuse me, of regulatory entities that auto dealers still apply to. I ask unanimous consent this list be printed at the conclusion of my comments. "