Political Quotes

“I ask further reading of the amendment be dispensed with. The PRESIDING OFFICER. Without objection, it is so ordered. The amendment is as follows: (Purpose: To provide for an exclusion from the authority of the Bureau of Consumer Financial Protection for certain automobile manufacturers, and for other purposes) At the end of subtitle B of title X, add the following: SEC. 1030. EXCLUSION FOR AUTO DEALERS. (a) In General.--The Director and the Bureau may not exercise any rulemaking, supervisory, enforcement, or any other authority, including authority to order assessments over a motor vehicle dealer that is predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both. (b) Certain Functions Excepted.--The provisions of subsection (a) shall not apply to any person, to the extent that such person-- (1) provides consumers with any services related to residential or commercial mortgages and self-financing transactions involving real property; (2) operates a line of business that involves the extension of retail credit or retail leases involving motor vehicles, and in which-- (A) the extension of retail credit or retail leases are provided directly to consumers; and (B) the contract governing such extension of retail credit or retail leases is not predominantly assigned to a third- party finance or leasing source; or (3) offers or provides a consumer financial product or service not involving or related to the sale, financing…”