Debt Deal Passed to Avoid Default; NHTSA Pushes Mandatory Automatic Emergency Braking
Late last night, the U.S. Senate moved swiftly to pass the Fiscal Responsibility Act, which will suspend the debt limit until 2025, in a bipartisan vote of 63-36. The House of Representatives had passed the legislation, which had been negotiated by President Joe Biden and Speaker Kevin McCarthy (R-CA) in a vote of 314-117 on Wednesday. President Biden is expected to quickly sign the legislation into law to avoid default before the unofficial deadline of June 5th.
NHTSA
Also this week, the National Highway Transportation Safety Administration (NHTSA) proposed a new regulation that would make mandatory automatic emergency braking in all new cars and trucks. Automakers made a voluntary agreement in 2016 to add the technology and approximately 90% of passenger vehicles already have it. If the new rule is adopted, automakers would have as many as three years to comply. Regulators will now begin gathering public comments on the proposal.
Quote of the Week
“If the United States truly wants to succeed in becoming the world leader in EV production and other battery driven technologies, the Biden administration has no choice but to widen the U.S. supply chain and start competing for access to key sources of critical minerals around the world by aggressively pursuing critical mineral agreements with as many trading partners as possible.”
-Rufus Yerxa, Senior Adviser, McLarty Associates and former Deputy U.S. Trade Representative and Deputy Director General, World Trade Organization (Automotive News)
ICYMI
In case you missed them, check out the most recent AutoTalk webinars:
Understanding Your Real Estate
The Importance of Shopping Your New EV Equipment
Friday Feel Good
Here is just one recent example of how dealers are doing good:
Every year for the last ten years Tustin Toyota in California has given away a new Toyota Corolla to a high school senior with perfect attendance.
We want to hear more about how you are supporting your local community – tweet us at @AIADA_News and use the hashtag #DealersDoGood.
