Political Quotes

“the Restoring American Financial Stability Act is supposed to regulate Wall Street, not Main Street. It is Wall Street whose greed brought us the economic crisis. That is why I am voting for the Brownback motion to instruct conferees to support the House provision regarding the regulation of auto dealers. We need a tough financial reform bill that focuses on the abuses that led to the economic crash. This bill is intended to primarily regulate major institutions that deal nationally and globally and to improve government coordination to ensure that there is an early warning and an early response system in place to prevent a future crisis like the one we were faced with in 2008. Automobile dealers were not part of the problem that led us to where we are today and therefore should not be subject to this legislation. We must make sure that laws that are already on the books are being implemented and enforced. Under current law, car dealers are subject to extensive Federal regulation. Dealers' retail financing activity is regulated by the Federal Reserve Board and the Federal Trade Commission, and car dealers are subject to tough Federal laws, including the Truth in Lending Act and the Fair Credit Reporting Act. Those laws must be enforced. Predatory lending practices must be stopped, and there are tools in place to do so. I believe that auto dealers are best regulated by State and local consumer protection agencies.”