WASHINGTON — The financial-overhaul bill passed by the Senate on Thursday does not include an amendment to exempt auto and boat dealers from a new consumer protection regulator, according to published reports.
The proposed amendment, sponsored by Sen. Sam Brownback (R-Kansas), would have exempted auto, boat, RV and motorcycle dealers from the Bureau of Consumer Financial Protection bill that passed the Senate. However, the amendment never came up for a vote and was not included in the final bill.
The Marine Retailers Association of America and the National Marine Manufacturers Association both strongly supported the marine exemption and rallied support for it among their members.
Congress must now reconcile the Senate bill with a companion House package adopted in December before the legislation can go to the President for his signature.