Dealer-assisted retail financing must be exempt from oversight by a proposed consumer protection agency that's part of the financial regulation bill in Congress.
The Obama administration, consumer advocates and the Pentagon -- which says some soldiers have been victims of unscrupulous dealers -- want to subject dealers to another layer of superfluous regulation. There already is sufficient oversight of dealer finance practices by the Federal Trade Commission, Federal Reserve and state agencies.
Dealers didn't cause the financial meltdown on Wall Street. Dealers don't lend money. Dealers are middlemen who only help their customers arrange financing. Dealers don't belong in the financial regulation bill.