Last week, a bill I sponsored with Congressman Ed Perlmutter (D-CO) passed the House by a unanimous voice vote. H.R. 5062, the Examination and Supervisory Privilege Parity Act of 2014, is an important bipartisan piece of legislation to help automobile finance companies like Toyota Financial Services, which finances over two-thirds of new vehicle sales for Toyota customers. Consumer access to finance is vital to new car sales and a healthy car market, and a healthy car market is good for the 7,300 automobile manufacturing workers in central Kentucky. As Congressman Perlmutter said, “Congress showed it can work on a bipartisan basis to pass legislation to harmonize the supervision and examination over companies providing financial products to consumers. It is an important step in ensuring federal and state regulators work together to better regulate consumer financial products. I appreciate the hard work of Rep. Barr on this issue and look forward to continuing to work with him on the Financial Services Committee.” I appreciate Congressman Perlmutter’s leadership on this issue and am glad we were able to work together on a bipartisan basis to advance this legislation that provides commonsense assurances to consumer lenders. This important legislation will help Kentucky’s signature auto manufacturing industry by promoting a healthy car market through better cooperation with regulators. Click below to watch my floor speech in support of our legislation. https://youtube/watch?v=RrlK7-vQKD8
Posted on: Wed, 06 Aug 2014 17:15:34 +0000
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