By Jay Heflin - 04/29/10 09:47 PM EDT
Senate Banking Chairman Chris Dodd (D-Conn.), who authored the bill, said Section 1027 of the bill prevents these companies from being subjected to the agency because they do not extend credit at a significant level. The Chamber argues that without a firm definition for what constitutes "significant" there is no bright line for which companies will fall under the agency's jurisdiction.
"We are glad that Senator Dodd agrees that the orthodontist, butcher and baker should not be covered by the [agency]," said Chamber representative David Hirschmann in prepared remarks. "Unfortunately, the legislative language that is currently being considered by the Senate continues to cover them. If the intent is to exclude them, we urge Senators to amend the language."