WASHINGTON — President Obama on Wednesday said a proposal by Sen. Sam Brownback, R-Kan., related to overhauling the financial industry would undermine consumer protections and create loopholes for auto dealers.

Brownback has introduced a proposal that would exclude car dealers from oversight of a consumer protection bureau that would be created by sweeping financial legislation in the Senate. A Democratic proposal to create a consumer watchdog has been a major point of contention in the Senate.

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