House Considers Financial Reform
The House of Representatives resumed on Friday consideration of HR 4173, the Wall Street Reform and Consumer Protection Act of 2009. The bill would enforce greater transparency of financial institutions and, at times, higher capital requirements. The 1,200-plus-page legislation also calls for credit risk retention by creditors and addresses a dissolution authority of large, interconnected financial companies whose default poses risk of serious, adverse effects on financial stability. House lawmakers were busy Thursday night and Friday morning, approving a number of amendments to the bill. One amendment would require mortgage servicers or lenders participating the Making Home Affordable Program to report monthly to the Treasury Department. The amendment, passed late Thursday, forces servicers to supply information regarding the number of modification requests received, the number of modification requests being processed, the number of approved requests and the number of requests that were denied. The House also passed an amendment establishing rules regarding equitable governance of clearing houses and swap exchange facilities. House lawmakers were expected to conclude discussions Friday and vote on the legislation. Write to Diana Golobay.