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Urgent action needed by all by tomorrow!

As reported previously in Soundings Trade Only and here in Dealer Outlook, our industry representatives in Washington, D.C. have been working to get boat dealers exempted from the burdensome and unnecessary oversight of a new Bureau of Consumer Financial Protection being created by the financial reform bill that has now passed both the House and Senate.

Essentially, our efforts failed to get us exempted in the Senate bill. In the House version, only auto dealers are exempted. Now, because the Senate and House versions have a number of major differences, the bills must go to a Conference Committee that will reconcile the two bills into one. That means we still may be able to get the job done . . . but only if we take action now.

You’ll recall Sen. Sam Brownback, R-Kan., attempted to amend the Senate bill to include boat dealers before it passed. That attempt failed. But, Brownback has succeeded in getting a “motion to instruct” conferees to the financial reform bill passed by the Senate with a 60-30 vote margin and with significant bipartisan support. “While this is an important step,” reports NMMA’s legislative director Mat Dunn, “the ‘motion to instruct’ is non-binding and we will have to work aggressively to ensure that marine dealers are now represented in the Conference Committee. We’re calling for urgent action by all our industry now.”

Here’s what you need to know:
Right now, Sen. Bill Nelson, D-Fla., is circulating a letter to all Senators for their signature.  This letter calls upon Senate Banking Chairman Chris Dodd, D-Conn., and House Financial Services Chairman Barney Frank, D-Mass., to include boats and RVs in the final conference agreement.  According to Dunn, we need everyone in our industry to their Senators and urge them to sign Sen. Bill Nelson’s letter. (This letter needs to have a solid list of Senate signatories to be effective.)

THERE’S A DEADLINE: The deadline for signatures is Friday, at 2 p.m.

Remember, it is important and reasonable that all dealers – auto, boat and RV – be treated equitably and similarly in what emerges from the conference committee.  There’s no justification for one set of rules for auto dealers and a separate set of rules for marine and RV dealers.

MAKE YOUR CALLS NOW, PLEASE.

Comments

5 comments on “Urgent action needed by all by tomorrow!

  1. Jimm

    I would e very interested to hear why oversight is not a good thing when it comes to protecting consumers from some of the terrible things that are done to them by any company that lends people money.
    I would also like to hear why you don’t think there is a diffewrence between automobiles which a person has to have, and yachts and rv’s which a person doesn’tt have to have.
    I am not necessarily disagreeing, I may be missing something when I’m trying to decide how I feel about it ( I tend to think for myself since I’ve seen so much misinformation spread around by opponents of this administration).Yes, I am in the yachting industry.

  2. tired politics

    In reality, banks should’ve been protected from dirty dealers that infested this industry during the boom. For starters, massive over allowances to create bogus trade figures that caused 30-40% margins on purchase vessels. And we wonder why Bank of America and most others ran from this industry.

    We need to clean up our own backyard and stop looking for help from D.C.

  3. dave boso

    Norm;
    Did you really think you would get a lot of responses? My wife is a local couincilperson and last week there was a vote to pass an anti texting while driving ordnance, I told her not to vote for it… I was the only one in this city of 6000 voters that told her how they felt.
    For some reason people are timid about countering our (brave congressmen) fear,timidy? If you show anger you have to take anger managment classes, why not timidy classes?

  4. Chris Marely

    You’re kidding, right?
    Just what everyone needs a boat sale and then 6 months to pray that the buyer will timely pay the lender so that when the loan amount is demanded from the originator that the repossessed boat is returned without the hole drilled into it and no insurance disclaimer.
    No lending regulation is why the economy is tanking!

  5. john ennis

    The industry brought this on itself…too many dealers who ignored customer service and sold poorly designed “knock offs”. Additonal consumer protection is greatly needed..On the flip side of the arguement…the auto dealers are the worst offenders in “rip off city” and should have never been exempted from the legislation

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