- Sep 28, 2010
Report: Bill aimed at giving auto dealers more credit is signed into law
Federal floorplan assistance has been around for a year, but banks haven't been receptive and some believe that raising the limit won't change that. It is customers who are needed to provide the real relief, and in the words of a former Federal Reserve vice chairman, "If the economy grows at one and a half percent, we're spitting in the wind because there's no demand."
The bill passed the House and Senate along party lines and President Obama signed it into law yesterday afternoon. This is expected to be the last jobs bill to leave Congress before the midterm elections in November.
[Source: Automotive News, sub. req. | Image: AP Photo/J. Scott Applewhite]