Lawmakers Make Financial Overhaul

 
There were a lot of cheers among Americans as a massive financial overhaul was approved in our government. Many consumer advocates said that this is a big step for their government and for consumers as this is going to avail them of protections that they have never had before. However, even within those cheers there were those that felt that the bill fell short of what it was originally intended to do. They felt that the exemptions that had been afforded auto dealers were unjust and should not have passed. They were also worried about the fact that the Securities and Exchange Commission would not longer have control over certain annuities.
 
The biggest failing was the exemption for the auto loan dealers as they were able to successfully argue that if they had to show consumers every detail of the auto loan that they were taking on that it would cost them more money. Consumers said that the auto loan companies, all the banks and credit unions, etc. that offered auto loans should have to follow the same rules and regulations. They said that the exception was a major failing of the bill and that they should have to be clear about the process. They argued that the auto loan industry came begging for help and tax payers gave it to them, and now they are giving them the shaft when it comes to their auto loans.
 
Auto loan companies said that if they had to show every line of the loan they would have to charge more for those auto loans and that they would have to deny more of those looking for loans from them.  They also said that it would deny some financing options to clients as well.

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