Senate Votes to Exempt Dealers from Bank Regs

May 24, 2010 by · Comments Off on Senate Votes to Exempt Dealers from Bank Regs 

On Monday, the U.S. Senate passed a motion offered by Sen. Brownback of Kansas to instruct Senate conferees to exempt RV, auto and boat dealers from financial reform legislation aimed at Wall Street and the banking industry.

The bill now moves on to a conference committee of congressional leaders who will try to reconcile differences between the Senate version and a similar measure that passed the House in December, according to a release from the Recreation Vehicle Dealers Association (RVDA).

RVDA worked with the National Automobile Dealers Association (NADA) and the marine industry to gain Senate support for the Brownback motion, which includes the House bill’s exemption for auto dealers and also contains language exempting RV and boat dealers.

RVDA received outstanding support from RV dealers and state RV associations in this effort. Many RV dealers contacted their U.S. Senators and asked them to support the Brownback motion.

RVDA will continue to update members on the status of the legislation as it moves from conference committee to the House and Senate.

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