Sam Brownback: “Auto dealers are in town today. We have a series of auto dealers from across the country who are here and they are…”

“Auto dealers are in town today. We have a series of auto dealers from across the country who are here and they are deeply concerned about the consumer financial products piece of this particular legislation. They are concerned because it is going to hit them. I would point out to my colleagues about this that I have purchased a car--I presume everyone in this body has purchased a car--and probably a number of us on credit, although maybe not everybody. But nearly everyone has gone into a dealership and bought a new or used car and asked for financing on that new or used car and have gotten it from the local dealership. Ninety-four percent of those cars that are financed that way, that paper is actually from some relationship the dealership has upstream. It is from a bank, a major consumer auto lending entity or from somebody else who does the financing. The local dealership just has the paper there, and they are the ones that originate it. They sell the car and arrange for somebody else to do the financing. They don't do it--or 94 percent don't do that.”