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.
They want a f-cking war with the American people? They want to start pulling this kind of crap? Do they expect to turn our own troops on us?
I guess nearly a half million people (less troops are in Afghanistan and Iraq) wasn’t a big enough message. How about we triple that in every state capitol?
Let freedom ring with a shotgun blast.
A friend of my neighbor was pissed off at the government, so he didn’t file a tax return for 13 YEARS! And, lo and behold, the guy got away with it.
This guy recently started to pay taxes again, but my neighbor told me that his friend is pissed off at the government again and plans to stop filling his taxes once again.
I admire his spunk!
OMG! That is BEYOND sick!
These cretins have NO shame,
no morals, no allegiance to
anything but their own power
and twisted ideology.
Emailing Beck.
~~Scream and PING!
WHAT!?!?! My hair is on fire!!
Dear God,
Please put us out of our misery.
People need to quit paying attention to the damnnnn white house fight with Fox News.
Thanks for the ping!
;>)
OK that's enough. Someone has GOT to be pulling our chains.There is no way this article and Obama's 100 daily misdeeds could be real.Joke is over. Not funny.
There are no dates on the news article or the pdf vote.
This could have happened months or years ago back when everyone was afraid to say anything to Waters or ACORN for fear of being called a racist.
http://republicans.financialservices.house.gov/images/stories/102209cfpawaters006.pdf
It could be dated material. It has to be. See my last post.
There is a recent date on the PDF list of votes but it is a discussion draft.
Heading on the pdf file you cited
Committee on Financial Services
Full Committee Markup
Oct. 22, 2009
DiscussionDraft
Consumer Financial Protection Agency Act of 2009
Waters Amend. 006
Record vote No. FC-61
Found this, but still not clear to me:
Consumer Financial Protection Act - How Corporate America Sees it
by harrier
Thu Oct 22, 2009 at 09:32:21 PM PDT
The Committee adopted several amendments addressing the composition of the CFPA’s board and addressing the concerns of minority communities, including:
Representative Maxine Waters’ (D-CA) amendment to require that at least five board members be from communities affected by predatory lending, as amended by Representative Michele Bachmann’s (R-MN) amendment to prevent anyone who has been indicted for abusive consumer practices from serving on the board;
Representative Charles Wilson’s (D-OH) amendment to require that the CFPA board be bipartisan.
Other Amendments
The Committee adopted several non-controversial amendments throughout the debate, including:
Representative Posey’s amendment to include a disclaimer on public statements by the CFPA director that the agency does not endorse any financial product or service and that consumers need to exercise their own due diligence;
Representative Gary Miller’s (R-CA) amendment to mandate that when the CFPA promulgates rules regarding compensation practices, those rules must apply equally to financial institutions, regardless of size, character or status;
Representatives Carolyn Maloney (D-NY) and Mary Jo Kilroy’s (D-OH) amendment to establish a help line and website;
Representatives Jim Himes (D-CT), Maloney, Kilroy’s amendment to create an office of an ombudsman at the CFPA to help resolve disputes between consumers and financial institutions;
Representative Maloney’s amendment to require the CFPA director to appear before the House Financial Services Committee once a year.
article I cited also notes the following:
Please note that, when drafting this alert, we generally did not have access to amendment text and, hence, the summaries contained herein are based largely upon debate over amendments during the mark-up. Copies of amendments will be made available on the House Financial Services Committee website at http://financialservices.house.gov/markups.shtml.
I am starting to feel a little better. But as you said it is unclear.
Yes as I posted right after, it is a discussion draft.
As you said, still unclear.
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