NIADA GOVERNMENT REPORT
NIADA, Washington Update BY BRETT SCOTT, NIADA VICE PRESIDENT OF GOVERNMENT AFFAIRS families while extending that credit for 10 years, as Manchin had previously proposed.
of government affairs. NIADAPAC will be C h r i s t i n a’s primary focus.
Reuters’ sources said the slimmed down bill would still likely cost more than $1 trillion.
NIADA 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
President Biden’s top legislative priority – the massive social spending package known as the Build Back Better act – was effectively sunk in December, when Sen. Joe Manchin (D-W.Va.) announced he would not vote for it because of concerns about inflation, deficit spending and what he called an attempt to “reshape our society.” But that doesn’t mean the White House has given up on salvaging at least parts of it. Reuters, citing unnamed sources, reported the Administration is looking for a “reset” of the $1.75 trillion bill with an eye toward keeping its climate change proposals while reducing or cutting other items in an attempt to win Manchin’s support. Manchin’s vote is crucial because the Senate is split 50-50 between Democrats and Republicans, and with the GOP solidly against the bill, every Democratic vote is needed to pass it using the budget reconciliation process. The White House is considering cutting back or cutting out measures such as paid family leave, universal pre-kindergarten and home healthcare, as well as placing an income cap on increases in the child tax credit to target the money to low-income 14 | THE FRONT ROW | WSIADA.COM MARCH 2022
NIADA joined more than 80 trade association and business groups in signing a letter to House and Senate leaders opposing the “multi-trillion-dollar tax increase included in the Build Back Better bill” and asking them to “focus instead on the challenges confronting American families and businesses today – rising prices, labor shortages, and ongoing supply chain constraints.”
She’ll work to get association m e m b e r s engaged in the PAC, as well as raising awareness of the PAC and educating NIADA member dealers about the importance of participating.
REGULATORY
The Federal Reserve Board and the Consumer Financial Protection Bureau announced the dollar thresholds used to determine whether certain consumer credit and lease transactions are exempt from Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) in 2022. By law, the agencies are required to adjust the thresholds annually based on the annual percentage increase in the consumer price index for urban wage earners and clerical workers, known as CPI-W. Transactions at or below the thresholds are subject to the protections of the regulations. Based on the annual percentage increase in the CPI-W as of June 1, 2021, the protections of Regulations Z and M generally will apply to consumer credit transactions and consumer leases of $61,000 or less in 2022. Private education loans and loans secured by real property (such as mortgages) are subject to Regulation Z regardless of the amount of the loan.
POLITICAL ACTION CMT
Last month, NIADA’s political action committee increased the reach and scope in Washington with the addition of Christina Perez as NIADA’s new director
Thank you for your donations to the Mac Ruddell Scholarship in 2021:
All American Motors (Tacoma) - $250 Bruce Kirkham’s Auto World, LLC (Yakima) - $25 Carson Cars Inc (Lynnwood) - $100 Checkered Flag Motors (Everett) - $100 Cliff’s Cycle Center (Bremerton) - $25 Gray Motors (Port Angeles) - $50 Jennifer’s Greenacres Auto Sales (Spokane) - $50 Mainly Muscle Cars, LLC (Granite Falls) - $50 Market Place Auto (Puyallup) - $50 Motors Northwest (Tacoma) - $1000 Ruddell Auto (Port Angeles)- $500 Signature Auto Sales (Bremerton) - $150 Tacoma Auto Exchange (Tacoma) - $50 Triple C Auto Brokers (Vancouver) - $100 Western AG Sales (Othello) - $25
$2,525 Total!
