Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions

RepublicansFinancialServiceshouse.gov ^ | 10/22/09 | Financial Services Committee

[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.

[blueyon]

OK folks, blast DRUDGE with it...shout it out....................

[LaybackLenny]

General Palin and General Bachmann are marshaling the forces as we speak.

[Salvation]

NOOOOOOOO!

[Freedom2specul8]

Oh my gosh! What??

[LaybackLenny]

Great movie...who’d have thought ECOMCON would one day almost seem like a GOOD idea.

[444Flyer]

ACORN: Obama’s version of the Blackshirts.

[westmichman]

It is truly getting to be time for the revolution to begin.

[Freedom2specul8]

Yeah! And legislators! Why aren’t legislators screaming? :(

[444Flyer]

I'm from ACORN and I'm here to check your financial records for our man 0.

[GOPJ]

thanks for the ping.

[Freedom2specul8]

How can they get away with this? (I need to read the entire article, was just so shocked, I thought it was satire)

[RedCell]

WTF?!! More fuel for the fire. Backlash is coming...

[Freedom2specul8]

He would not be staring at my face if I open the door. This is such bs I can’t stand it.

[444Flyer]

The Maoists are now in outright revolutionary mode. They are so bold that they aren't even trying to hide or disguise it now.

[Freedom2specul8]

"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."

Are they friggin crazy?

[mo]

This is war....

[blueyon]

Please help get DRUDGE to post this. Send him a the story at the link... Help take it to the people. PLEASE FREEPERS lets do it

[RushIsMyTeddyBear]

Well, that’s just it, isn’t it? It’s US against THEM. Both sides if the aisle don’t give a rat’s ASS about the ‘people’.

[Freedom2specul8]

It just doesn’t compute! I hope rush and glenn beck are all over this monday.

[Mrs. Don-o]

Don’t matter if you’re a Person or Color or a Person of Pallor. If you’re a street-level (or state-level) extortionist interested in extracting cartloads of pelf out of every institution you can get your hands on -— baby, this is your Season in the Sun.