House supports auto dealer exemption

Today, as part of negotiations on the financial regulatory bill, the House conferees put forth a proposal that would exempt auto dealers from tough new consumer protection lending rules.   Auto dealers have been pushing hard to exempt themselves from reform legislation, and have also spent big on campaign contributions and lobbying to make their voices heard. So far this cycle, auto dealers have donated $1.2 million in campaign cash to House members, according to the Center for Responsive Politics (CRP). Throughout 2009 and into the first quarter of 2010, auto dealers spent more than $5.3 million on lobbying, according to CRP. Over the years, auto dealers have spent more than $70 million in contributions to candidates for Congress.