It's no secret insurance companies and banks have the ears of politicians. But who knew car dealers, and their lobbyists, were so powerful?
On Oct/ 22, the House Financial Services Committee approved an amendment (the vote was 47 to 21) to keep automobile dealers under federal and state laws governing vehicle financing. The vote also granted dealers exemption from a new government consumer protection agency heavily lobbied for by the White House.
Rep. John Campbell R-California, sponsored the amendment to the Consumers Financial Protection Agency Act that will hold dealers harmless from scrutiny of the proposed CFPA .