外文翻译--汽车业竞争的关键：汽车金融中自由市场和消费者的保护.docVIP

外文题目：AUTO RACE TO THE BOTTOM: Free Markets and Consumer Protection in Auto Finance 出 处：Research Note November 16, 2009 作 者：Raj Date and Brian Reed 原 文： AUTO RACE TO THE BOTTOM: Free Markets and Consumer Protection in Auto Finance Raj Date and Brian Reed 1.0 Introduction Over the past several months, the Federal Reserve, Congress, and the Administration have been considering ways to strengthen and rationalize consumer protection in financial services. Central to that debate is the proposed creation of a new agency focused exclusively on this issue, the Consumer Financial Protection Agency (the “CFPA”). Despite pronounce industry opposition, a consensus appears to be developing among policy-makers that the proliferation of dubiously structured and marketed consumer financial products helped fuel an unsustainable bubble in credit and asset values prior to the financial crisis, and visited widespread distress among households thereafter. Proponents of the CFPA argue that it would help prevent similar problems in the future. Even among proponents, however, there are varying conceptions of the scope and function of the CFPA. One of the most significant variations is in the treatment of auto finance. Specifically, the CFPA as envisioned by the House Financial Services Committee would exclude auto dealers from the CFPA’s coverage. The Administration’s original proposal would have included them. This research note does not address the issue of whether the CFPA itself is advisable. Instead, it is meant to inform debate on, assuming there is a CFPA, whether auto dealers should be included in its mandate. In particular, it (a) summarizes the structure of the auto finance industry, and the role of dealers within it; (b) identifies the analytical premises for excluding financial services activities from the CFPA’s scope; (c) evalua