Posted on 10/23/2009 3:39:08 PM PDT by OpusatFR
WASHINGTON - During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted to pass an amendment offered by Rep. Maxine Waters (D-CA) that will make ACORN eligible to play a role in setting regulations for financial institutions.
The Waters amendment adds to the CFPA Oversight Board 5 representatives from the fields of "consumer protection, fair lending and civil rights, representatives of depository institutions that primarily serve underserved communities, or representatives of communities that have been significantly impacted by higher-priced mortgages" to join Federal banking regulators in advising the Director on the consistency of proposed regulations, and strategies and policies that the Director should undertake to enforce its rules.
By making representatives of ACORN and other consumer activist organizations eligible to serve on the Oversight Board, the amendment creates a potentially enormous government sanctioned conflict of interest. ACORN-type organizations will have an advisory role on regulating the very financial institutions from which they receive millions of dollars annually in direct corporate contributions and benefit from other financial partnerships and arrangements. These are the same organizations that pressured banks to make subprime mortgage loans and thus bear a major responsibility for the collapse of the housing market.
In light of recent evidence linking ACORN to possible criminal activity, Democrats took an unprecedented step today to give ACORN a potential role alongside bank regulators in overseeing financial institutions. This is contrary to recent actions taken by the Senate and House to block federal funds to ACORN.
A recent inquiry into bank funding of ACORN activities by three House Committees found that institutions that would be regulated by the CFPA have provided millions of dollars to the organization in the form of direct donations, lines of credit, cash, and other assets over the last 15 years.
The amendment passed on a vote to 35-33. Click here to view the vote.
The Left continues to destroy the country and the sheep keep sending them back because George Clooney tells them that republicans are racist.
ping
Treason! Hang the bast*rds!! It’s going to take a revolution to stop this out of control government!!
The Capitol may as look like this right NOW. The one thing about a silent revolution is no one will recognize it until it's too late. We are under a Communist regime right now and everyone is being distracted by health care. It's how they work.
Yes I know. The defunding them was not permanent and was only for show the funding is restored on Oct 31st.
correction: (well) between as and look.
It is already too late
I think this is going to turn redhot. I’m really speechless.
General James Mattoon Scott: WTF are you now that we need you?
I agree, we should be planning how to take back our Republic from Communist control.
Follow the link in the article. WE/you can contact them.
http://republicans.financialservices.house.gov/images/stories/102209cfpawaters006.pdf
A link to the votes. 35-33 with 3 not voting.
No one is hollering because as with most of their amendments they look innocent on paper.
http://www.house.gov/apps/list/speech/financialsvcs_dem/waters_006_xml-2nd_revision.pdf
OHN
They don’t dare. The Obamunists have them by the regulatory balls, and will squeeze them in a vice.
Criminal scum.
WTF
This ruined my weekend. Every day it appears more and more likely that there is going to be major revolts. Wait until there is a tax revolt. All hell will break lose. However it will bring them to their knees, fast.
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