Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions
Source
WASHINGTON
October 22, 2009
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 Waters amendment passed on a vote of 35-33. HERE is how othey voted.
Wild Thing’s comment……….
This was an in-committee vote. It seems unlikely that this will ever become part of any law, but it isn’t impossible – not these days, anyway.
Every day I think the news couldn’t get any worse, but it does. This IMO makes the Democrats an actual criminal organization thinly veiled as a political party.
I can’t believe this. If there was ever a reason for even Democrats to not vote Democrat for 40 years, this should be one among many recent reasons the Democrat political machine has given for people to abandon them.
…. Thank you Jim for sending this to me.
Maxine Waters is an avowed Communist sympathizer.She has been singing the praises of Communist dictators for years. She fits right in with the scheme of things in this Administration
The fact that she would introduce such an ammendment is no surprise. The fact that she could get 34 of her felow Congrressmen to go along with it,is.
You are right in assuming that the ammendment will most likely not be a part of the final bill.Yet it is moves like this, made by people like Rep. Waters, and the like, that get them reelected.
She and the others who voted with her on the committee, can now go back to their consitiuents and show that they tried to stand up for ‘their rights’.
It is also intreresting to note that she came under fire not to long ago for some very suspicious dealings involving her husband and a Bank that he haas more than a casual association with.
Maxine Waters is no fool, when it comes to making the moves necessary to stay in office. This is a prime example.
Your right Maxine has a lock on her district, it has been gerrymandered to the point, 90% of her voters are black and on the dole. Who else would they vote for, Somebody who want to bring jobs to that depressed area,…I don’t think so. Thats how obama got elected he promised a “Free Lunch”, and 52 Million Americans bought it. Especially now 30 of those 52 have finally realized that it is THEIR money obama’s redistributing. The irony here is almost comical.
If Acorn manages to pull this off every one who banks needs to pull all their assets out of that bank, I left BOA in ’85, the stench was overwhelming, I have never regretted the move, what piddling assets I have are spread amongst 4 credit unions nationwide.
That’s like having the hyenas and jackals guard the hen house.
SEAN, thanks for all of that about Maxine
Waters. They don’t even hide what they are
anymore. And more of them are the same way
coming on strong for their communisim right
in our faces and it angers me so much they
are in our government.
GRRRRRRRRRRRRRRRRRRRRRRR
Mark, thank you, I am so glad a lot of them
are waking up to know it is their hard earned
money that is being used by these freakazoids.
Jack, thanks for sharing about that.
With this new thing of telling
them what they can make I bet
banks get even worse. Not all
but most of the bigger ones.
BobF., great way to describe it.
ACORN? …… NUTS!