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.
When the next two national elections demonstrate without a doubt that the ballot box is controlled by ACORN, then the clock will start ticking. No one is doing anything successfully to prevent this meltdown. Each democrat secretary of state needs to be impeached.
First, conservatives have finally had enough and are becoming engaged. That's what the Tea Parties are all about. Concurrently, I see more and more conservatives coming to the realization, as I said before, that the GOP has been coopted by the dems. Hence, they must look elsewhere to be heard. Second, Palin is establishing herself as the conservative front runner. And she's not afraid to take on both the RINOs and the demrats. Third, I think the mid-terms will demonstrate that conservatism is a relevant political philosophy in America. Palin’s rejection of the NY RINO and endorsement of Hoffman sends a clear message. It even looks like Hoffman has a chance to win. Also, incumbent demrat Govs in VA and NJ look like they'll lose to Pubbies. The VA guy looks to be fairly conservative. The NJ guy is a RINO, but the dems have set the race up as a referendum on Onada. So even if we get a RINO in NJ it will add momentum toward moving to the right. Spector and Murtha are in trouble in PA as is Reid in NEV. All this weakens Onada and the Demrat Party. It also builds on everything else that is happening.
Topping all of the above off is Onada’s relentless pursuit of failed policies—socialism, bail outs, cap and trade, immigration, WOT and so forth.
I guess I'm somewhat more optimistic than you are that we will get the country back—eventually. My main concern is that Onada and his gang of angry commies will not go quietly when the time comes.
Thanks for the ping.
Ping
As long as the Constitution is relevant then people will come back to Conservatism when the other stuff fails. Like now.
I guess I'm somewhat more optimistic than you are that we will get the country backeventually.
Well, I admit to being more depressed more often than a lot of strong FReepers. But I usually recover fairly soon and press on. :0)
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