Today I join auto consumers, workers, dealers and manufacturers in welcoming the anticipated federal ban on vicarious liability - the antiquated law that allows auto accident victims to sue companies just because they provide lease financing. This law, now unique only to New York, is responsible for nearly 20 auto leasing companies leaving the state and has taken away an important financing option for consumers. New Yorkers who have been lucky enough to still find vehicle leases have paid hundreds of dollars in extra costs per lease since 2003.

Every single state in the nation - with the exception of New York - has been able to reach consensus on a law that would stop out of control lawsuits against leasing companies for the actions of drivers they have no control over. Assembly Minority members have spearheaded the charge for reform with the help of the state Senate. Unfortunately, the Assembly’s Majority leadership has so far refused to come to the table.

I commend the Congress for doing what the New York State Assembly Majority would not and encourage President Bush to sign this bill into law.