Capitol Hill Updates from NADA

Our friends at NADA recently published two important updates from Capitol Hill regarding regulatory & legislative priorities germane to the retail automobile business:

  • NADA-Supported Letter On EPA’s EV Mandates Sent to Leadership: The letter was led by Rep. Lisa McClain (R-Mich.) and signed by 223 signers (35 Senators, 188 Members of the House) urging Republican leadership to include the House-passed language stopping EPA’s unrealistic electric vehicle (EV) mandate that the fleet be 67.5% EV by 2032 in any final government funding package.

On Nov. 3, the House passed the Interior Environment appropriations bill (H.R. 4821) which includes a one-year limitation to stop the EPA from using funds to finalize or implement its EV mandates. NADA/ATD sent a letter in support of H.R. 4821.

Next week, the House is scheduled to vote on H.R. 4468, the “Choice in Automobile Retail Sales Act” (CARS) introduced by Rep. Tim Walberg (R- Mich.) which would permanently stop the EPA’s proposed rule mandating 67.5% EVs by 2032. NADA supports H.R. 4468 and the companion Senate bill introduced by Sens. Mike Crapo (R-Idaho) and Pete Ricketts (R-Neb.) S. 3094. (issue brief)

  • House Votes on CFPB Small Business Data Rule: Today, the House voted 221-202 to disapprove a Consumer Financial Protection Bureau (CFPB) lending rule that would require financial institutions to collect and report demographic data to the CFPB on certain business loan applicants, including whether they are women-owned, minority-owned, or a small business.

This CFPB rule would not directly affect dealers engaged in indirect financing, who are exempt from CFPB’s jurisdiction. However, the Federal Reserve Board, which regulates dealers in this area, may consider something similar to the CFPB’s onerous rule. The Senate resolution (S.J.Res. 32) passed by a vote of 53-44 on Oct. 18. The White House has threatened to veto the resolution, and the resolution lacks the two-thirds vote necessary to override the veto.

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