The U.S. Senate is expected to debate financial reform legislation this week.
While the majority of the reform bill deals with banks and Wall Street, the Reccreation Vehicle Dealers Assocation (RVDA) maintains a portion of it would create a new consumer protection agency that could create more restrictions on RV financing and hurt RV sales. An amendment expected to be offered by Sen. Sam Brownback, R-Kansas, could exempt motor vehicles from the bill, and RVDA supports adding RV trailers to the amendment.
Therefore, RVDA is urging dealers and their employees to immediately call and email their U.S. senators. “Correspondence by U.S. mail can take weeks to reach Senate offices,” the alert states, adding the following main points to address with members’ respective senators:
“Our issue is not whether there should be banking and investment reform that protect us as consumers,” states the RVDA alert. “Our issue is that RV dealers are not banks. We do not make loans. We do not decide who qualifies for a loan. RV dealers are very small businesses that provide jobs. RV dealers should not have to be subject to detailed record keeping and reporting requirements that banks will have under the proposed law. Reporting and record keeping requirements will restrict sales and dampen job creation.
Please support adding RV trailers to Sen. Brownback’s amendment.
“Thanks to outstanding support from RVDA leaders,” the legislative alert adds, “many RV dealers and state RV associations have already contacted their senators, but RV dealers and their employees need to continue to let their U.S. senators know about the potential negative impact this legislation could have on RV sales if not amended. Commonly called the Financial Reform Bill, the bill number is S. 3217 and the formal name of the bill is the Restoring American Financial Stability Act of 2010. It is sponsored by Sen. Christopher Dodd (D-Conn.).”
Questions should be directed to RVDA’s director of Legal and Regulatory Affairs at email@example.com.