WASHINGTON – U.S. Senator Sam Brownback today commented on the Senate’s bipartisan 60-30 vote to include in the Financial Regulation bill language to prevent auto dealerships from being treated as financial institutions.

“I am pleased that both the Senate and the House have taken positions on the Financial Regulation bill to include language to prevent car dealerships from being subjected to redundant regulations,” said Brownback. “It simply does not make sense to treat auto dealerships like financial institutions. Auto dealers are a part of Main Street, not Wall Street, and they are not responsible for the financial meltdown.”

More than 90% of auto loans are financed not through the dealer, but through an outside financial institution; any dealer that does originate its own loans will not be exempted by the Brownback language. Auto dealerships across the country are currently regulated by the Federal Trade Commission on the federal level and by several local and state agencies.

Brownback continued, “If anyone is a victim to predatory lending while buying a car, he or she should take the issue to the local and state authorities who already handle such cases and can properly investigate the problem. Adding in another layer of bureaucracy is not the answer.”

The Senate last week voted to pass the Financial Regulation bill. Today’s vote was on a motion to instruct conferees to consider the Brownback language while reconciling the House and Senate version of the bill. Members of both parties, including Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell, voted in favor of the Brownback motion.