Providing For Further Consideration Of H.R. 4173, Wall Street Reform And Consumer Protection Act Of 2009

Floor Speech

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Mr. QUIGLEY. Madam Speaker, I rise today in support of this measure, which includes two important proposals that I wrote and worked with the Financial Services Committee to include.

The first one ensures that regulators can do their jobs and regulate effectively for systemic risk. Under current law, regulators are not best equipped to prevent systemically risky behavior because their focus is on individual firms, not on the system as a whole.

My second measure that is included in the manager's amendment came from a constituent request and is strongly supported by groups like the AFL-CIO, the NAACP, and the National Fair Housing Alliance. It simply says that if your loan modification is denied, you deserve to know why. It makes the loan modification program more transparent by giving homeowners the ability to verify their mortgage servicer's net present value analysis. If the servicer used an incorrect credit score, or misstated income, or made any number of mistakes, then you might be improperly denied loan modification.

I urge my colleagues to support this measure which includes both of these proposals.

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