RILA Urges Government Action to Protect CIT from Collapse

Washington, DC –The Retail Industry Leaders Association (RILA) today urged federal action to protect CIT Group from collapse.

In a letter to U.S. Treasury Secretary Timothy Geithner, RILA President Sandy Kennedy asked federal officials to “reconsider action to ensure that this situation does not create further pressures on the current credit market.”

CIT Group is an important resource for retail businesses struggling to meet their financing needs in the current credit environment.

“Any additional tightening of the credit markets will only exacerbate the constraints on our members’ ability to provide the products that consumers seek and most importantly, to maintain millions of retail jobs across the nation,” said Kennedy.

RILA:
Retail Industry Leaders Association (RILA) is a trade association of the largest and most successful companies in the retail industry. Its member companies include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales. RILA members operate more than 100,000 stores, manufacturing facilities and distribution centers, have facilities in all 50 states, and provide millions of jobs domestically and worldwide.