The U.S. Senate was scheduled to take up an amendment to the financial industry reform bill today that would create a giant loophole to exempt car dealers. Yesterday, the White House issued an exceptionally strong denunciation of the idea. This is from the Prez:
We simply cannot let lobbyist-inspired loopholes and special carve-outs weaken real reform that will empower American families. I urge the Senate to continue to defeat the efforts of special interests to weaken protections for all American consumers.”
At last word, the Senate had yet to vote on the matter and North Carolina’s Kay Hagan was one of the car dealers’ top targets. Will be interesting to see if she stays true to her image as a strong consumer advocate, or falls for the sweet talk from the car dealers.