Obama comes out swinging against auto dealer-backed measure

http://thehill.com/blogs/on-the-money/banking-financial-institutions/97513-obama-comes-out-swinging-against-auto-dealer-backed-measure

President Barack Obama is urging the Senate to defeat an amendment to the Wall Street bill backed by auto dealers.

Obama issued a statement Wednesday that said the Senate should vote against the proposed auto dealer and lender carve-out in the reform package.

The proposal would allow lenders to “inflate rates, insert hidden fees into the fine print of paperwork and include expensive add-ons that catch purchasers by surprise.”

Obama cast the measure as an effort to protect special interests and weaken consumer protections.

(snip)
“This amendment guts provisions that empower consumers with clear information that allows them to make the financial decisions that work best for them and simply encourages misleading sales tactics that hurt American consumers,” Obama said. “Unfortunately, countless families – particularly military families – have been the target of these deceptive practices.”

Auto-loans have been a breeding ground for predatory lending practices.

edit knr

I presume since it has to do with deceptive business practices, it must be a Repub amendment