WASHINGTON UPDATE NIADA Government Report
much as $3,600 per child.
Brett Scott, NIADA Vice-President of Government Affairs
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IADA is your voice in Washington D.C.,
advocating for independent dealers, the used vehicle industry and small business. Here’s a look at the latest news and NIADA efforts regarding legislative, regulatory, PAC and grass roots activities. Legislative The final version of President Biden’s massive $1.9 trillion COVID relief package, dubbed the American Rescue Plan, was passed by the House of Representatives on March 10 and was signed into law the next day. The bill passed the Senate 50-49 with no Republican votes in favor and the House 220-211 with one Democrat – Rep. Jared Golden of Maine – voting against. The package includes direct payments of $1,400 for individuals earning up to $75,000 per year, $2,800 for married couples earning up to $150,000 and an additional $1,400 per dependent, as well as increasing the child tax credit to as
In addition, the bill extended the $300 per week federal addition to unemployment benefits through Sept. 6 and provided a tax break on the first $10,200 of unemployment benefits received in 2020. Democratic leaders had pushed for $400 a week in unemployment but lowered that number in a deal with Sen. Joe Manchin (D-W.Va.), who said he would vote against the higher amount. Other provisions include an additional $7 billion for the Paycheck Protection Program, $350 billion in aid to state and local governments, $14 billion for vaccine distribution and $130 billion for schools to reopen safely. The bill does not include a couple of items on the Democrats’ wish list. For one, the $15 per hour federal minimum wage included in the original House version of the bill was removed by the Senate. An amendment by Sen. Bernie Sanders (I-Vt.) to add it to the Senate bill failed by a 58-42 vote, with eight Democrats voting against it. Regulatory Consumer Financial Protection Bureau: The Senate Banking Committee was split on Rohit Chopra, President Biden’s choice
16 | the Front Row | wsiada.com | May/June 2021
for CFPB director, following his March 2 confirmation hearing. The committee’s vote ended in a 12-12 tie, split along party lines. Following the agreement reached by Democratic and Republican leaders for sharing power in the 5050 Senate, Chopra’s nomination advanced to the full Senate without the committee’s recommendation. A final confirmation vote was expected by the end of March. Chopra was expected to be confirmed, with Vice President Harris casting the deciding vote in the event of a 50-50 tie. In his hearing, Chopra made it clear he intends the CFPB to return to the regulation by enforcement philosophy of former director Richard Cordray, citing the Equal Credit Opportunity Act and credit reporting and debt collection as areas that need additional enforcement. He also said he would make the CFPB’s expectations clear to market participants and said the bureau should use its enforcement authority to protect small businesses. While Chopra awaits confirmation, interim CFPB director Dave Uejio rescinded a policy of Trump Administration director Kathy Kraninger limiting the abusive acts and practices standard created by the 2010 Dodd-Frank Act.
