Washington, D.C. - Today, Congressmen Joe Donnelly and Mark Souder sent a letter to Treasury Secretary Henry Paulson and Chairman of the Federal Reserve Ben Bernanke asking them to take specific steps that could help the recreational vehicle industry as it responds to steep sales declines brought on by the ongoing financial crisis and a freeze in consumer and business lending.

Specifically, the congressmen requested that the government’s recently-created program to encourage business and consumer lending be modified to include loans to RV buyers and sellers.  They also asked that banks and financial companies that receive TARP funds from the government be required to use that money to make loans to consumers and businesses. 

Although the Treasury Department and Federal Reserve have worked in tandem to inject capital into the financial markets, credit is still not flowing freely, meaning consumers and businesses alike are having trouble getting loans. As a result, the RV industry has seen a sharp decline in its sales and 53 percent reduction in the size of the workforce.

“The recreational vehicle industry employs thousands of hard-working Hoosiers in our area and is a key component of our local economy,” Donnelly said. “Congressman Souder and I want to help the RV industry as it copes with the current economic downturn. This is about protecting good jobs by making sure the government’s rescue of our financial system works the way it is supposed to.”

"The economic concerns of Elkhart County cannot be overlooked during this recession,” Souder said.  “The RV industry, in particular, is a vital manufacturing base that provides good jobs for hard-working Hoosiers and is essential to our local financial stability. I will continue to lead the fight with Congressman Donnelly to ensure the concerns of RV dealers, manufacturers, consumers and lenders are addressed."

To read a copy of the letter, click here.

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