Restoring American Financial Stability Act of 2010

Floor Speech

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Mr. UDALL of Colorado. Mr. President, before I ask a unanimous consent on an amendment, I will comment on Senator Casey's remarks that were just delivered so powerfully and eloquently. He is right on point that the efforts underway in Afghanistan are crucial to our country's national security.

It was important, as well, that he talked about the three main factors that are in play there in our ultimate success. This week, we had President Karzai and much of his Cabinet in Washington. I certainly appreciate the effort President Karzai made to show his respect for those who have fallen in Afghanistan in the war there. I also note General McChrystal was here briefing many of us. I think the Presiding Officer, as well, heard from him on the state of the situation in Afghanistan.

This isn't going to be easy. I am heartened by what I heard. I express my appreciation for the valor, commitment, and honor that our forces in Afghanistan have displayed.

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Mr. UDALL of Colorado. Mr. President, Senator Lugar and I introduced this modified amendment in working with Senator Dodd, the Treasury Department, and the Federal Reserve to find a way to increase Americans' access to their credit scores.

Before I talk about the amendment, the chairman of the committee, my friend and colleague from Connecticut, is on the floor. I thank him for working with me and a group of about 20 bipartisan Senators to provide greater access to consumer credit scores. Senator Dodd had a thoughtful, incisive idea about how we might be able to move this amendment to the floor, and that was to provide a credit score on a transactional basis.

That is exactly what this amendment does. A credit score affects consumers' interest rates and monthly payments on home loans and can even influence a consumer's capacity to buy a car or rent an apartment, even get phone or Internet service.

Our amendment would take the two consumer notices that the Federal law requires lenders to give consumers and makes sure the credit score used to evaluate the consumer is disclosed to that individual.

Right now--and I found this out in the process of researching what we are trying to do--if you receive a general notice of your credit application being turned down or if you are offered credit at less favorable terms, you don't receive a disclosure of the credit score used to determine that outcome.

Under our amendment, if you are turned down for a loan or you are given a higher interest rate because of a low credit score, you now have the right to see the credit score that was used. I know of the Presiding Officer's interest and long experience in the world of housing and providing access to people in that way. I know this is something he has followed with great interest.

There is a fundamental principle at stake. If your credit score is being used against you, you ought to have the right to at least see it.

I know every single American would want to improve that credit score and understand how they could have a greater financial opportunity, greater financial standing.

I thank Chairman Dodd and Senators Lugar, Levin, Bond, Scott Brown, Schumer, Begich, Lautenberg, and all the 20-plus Senators who helped push for this important issue.

I especially thank Senator Pryor for working with us to find something everyone could agree to in this modified version. I am appreciative that we were able to work it out.

I understand that the amendment is scheduled to be addressed Monday night. I hope we can perhaps accept it on a voice vote at the proper time as well.

With that, I yield the floor.

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