Thune, Toomey, Perdue

The Auto Lending CRA Resolution of Disapproval (S. J. Res. 57)

Senator Thune: (3:34 p.m.)

  • Spoke on tax reform.
    • "Next year Americans will be filling out their taxes under the new tax system that was created by the Tax Cuts and Jobs Act. And that means that they will be paying less in taxes and keeping more of their hard-earned money. Mr. President, if anything became clear during the last election cycle it was that the psyche economy was not working well for American families. In CNN exit polling, 62% of Americans rated the economy as poor and that wasn't surprising. The Obama Administration was tough for American workers. Job creation was sluggish. Wages were stagnant. And economic growth lagged far behind the pace of other recoveries. Opportunities for workers were few and far between."


Senator Toomey: (3:44 p.m.)

  • Spoke on the auto lending rule.
    • "Well, indirect auto loans are actually very good for consumers for a variety of reasons. Number one, it's very convenient. You don't have to shop around to a bunch of banks as well as a bunch of car dealers. You get one-stop shopping and you have both. Secondly, there tends to be more competition for the consumers' loan. I mean, how many banks are you going to be able to realistically go out and visit when you are attempting to line up your financing? But the car dealer can routinely canvas all the available lending options and make sure the consumer gets the best possible deal. Finally, as a routine matter of practice, dealers have always been able to discount the loan as one of the negotiating provisions in a multipart transaction."


Senator Perdue: (3:57 p.m.)

  • Spoke on tax reform.
    • "It bodes well for the future of what we've just done. C.E.O. confidence is at a high. Profits have been unlocked and are available now for capital investment back in this country. And, yes, we already see public corporations making public statements in their quarterly earnings reviews about this capital investment plan that they're laying out. We see investment increases being announced every month from public companies in America today. There's no question that businesses are beginning to bring those profits home and investing in our economy. Over 4 million Americans have received bonus in addition and wage increases. Over 500 businesses have taken positive action, be it by giving out bonuses, raising wages, increasing 401(k) matches or increasing their overall investment in their company."
  • Unanimous Consent –
    • That the Senate stand in recess until 5:30 p.m. today.
    • (Without Objection)