The Market, Energy, And Political Page, T+1 -- Wednesday, May 9, 2018

Congress overturns Obama-era auto-loan rule; measure advances to president who is expected to sign it into law -- WSJ. Link here. Eleven US House Democrats must be up for re-election.

The House voted largely along party lines Tuesday to kill an Obama-era regulation designed to curb racial discrimination in auto financing, using a newly expanded legislative tool that could allow lawmakers to roll back government rules in place for years.

The legislation was approved 234-175, with 11 Democrats joining Republicans. The move by the House came weeks after the Senate approved the measure. It now advances to President Donald Trump, who is expected to sign it into law.

Republicans targeted a 2013 Consumer Financial Protection Bureau regulation that curbed common lending practices at auto dealerships and was one of the most controversial policies implemented by the agency’s previous leadership. The measure was issued in the form of guidance rather than a formal rule.

GOP lawmakers and the auto industry have long sought to roll back the guidance, which they see as an example of government overreach, criticizing the agency’s attempt to regulate auto dealers. While the CFPB has authority over auto lenders, the 2010 Dodd-Frank Act specifically excluded auto dealers from the bureau’s jurisdiction. Critics also questioned the methodology used to pinpoint alleged discrimination. The government used borrowers’ last names and locations to make educated guesses about their race.

The "specific" story is less important than the "general" story.

Trucking: freight demand pushes truck-order backlog to near record level -- WSJ. Link here. By the way, personal communication reveals truck manufacturing -- particularly "specialty" truck manufacturing -- is also surging due to .... drum roll ... the Permian.