Czarist-Regulatory DiseaseTuesday, October 13, 2009
A coalition of lobbies has asked Barney Frank to create an agency that will act as a “watchdog” over the nation’s auto dealers. This would fall under the jurisdiction of the Consumer Financial Protection Agency, another proposed Obama agency that has yet to be created. So these folks want an agency within an agency, and the head of that agency within the larger agency would presumably be the Auto Dealer Czar. But the auto dealers are requesting that they be exempt from the regulations of the new (larger) agency that has not yet been created.
Concerning this new agency, which will be created, the Obama regime, in opposition to Barney Frank’s original plans, wants to regulate all dealer transactions, including a cash sale or a transaction where the buyer obtains his own financing. So, this new agency is supposed to advocate for the consumer, watching over those unfortunate folks who get ripped off by predatory financial transactions. Yet they want oversight for non-financed transactions (cash sales) and self-financed transactions. Smells like a totalitarian, anti-privacy coup to me.