HOUSE and SENATE PASS BOAT DEALER EXEMPTION to Financial Regulation Bill

On July 15, the U.S. Senate passed H.R. 4173, the House-Senate Conference Report on Financial Regulation Overhaul Bill, 60 Yea votes to 39 No votes. The House of representatives passes an identical bill on June 17 241 to 182. The Conference report now goes to the president to sign into law, which he is expected to do.

The new law was written after over a year of hearings and debate to address the causes of the financial meltdown of banks in the fall of 2008. The law, as passed today, is controversial with many believing that is does not adequately address the problems of the banking system. Wall Street generally supports the bill but Main Street has concerns.

The bill creates over 400 new federal regulations over banking, such as the creation of a financial Protection Board within the Federal Reserve Board and a Financial Service Oversight Council to further regulate banks and certain financial institutions. Lenders must follow new paperwork requirements and must get proof from borrowers that they can re-pay a loan.

"MRAA opposed this bill, because we fear it will further tighten the credit markets, create a new level of government bureaucracy and bigger government needlessly, and adversely impacts the ability of small business to create jobs," said Ed Lofgren, MRAA Chairman.

However, the good news is that after a very strong grassroots lobby effort, boat dealers have been exempted and will not be under the oversight of the newly created Financial Services Council.

MRAA thanks boat dealers for their hard work and in accomplishing what many on Capitol Hill thought was an impossible task. Again, BOAT DEALERS ARE EXEMPT.