You have got to be kidding me:
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.
Oh, Maxine and Barney will argue that they didn’t specifically SAY members of ACORN could serve on the board but the fact remains that with this amendment it doesn’t exclude them either. It allows ACORN to jump aboard and give them power they should never have.
Of course this shouldn’t surprise me coming from Maxine or Barney…seeing as how they both directed TARP funds to banks they have financial ties in. Corrupt beyond belief and now they want another corrupt organization to be including in the process of deciding what kind of rules should be in place in the bank industry.
See author page
Maxine Waters. Wow. Who would have guessed?
The same Maxine Waters who wants to nationalize the oil companies.
Maxine Waters???????
The following is one of 10,000 of her more stupid statements.
Oh my.
“I have to march because my mother could not have an abortion.”
–US Congresswoman Maxine Waters (D-Calif) at Pro-Abortion Rally Sunday, April 25 2004
Her district would elect a lug wrench if it ran on the Dem. ticket.
This exactly what happens when Congressional Districts are gerrymandered to assure “Equal Representation, Economic or Social Justice” for Special Interest groups. Charlie Rangel depends on it to stay in office and keep his “racket” going and Adam Clayton Powell before him.
There are other examples but at the moment these in particular stand out. Will the next Census change that? Most likely not. In Montana I have ONE Congressman for the whole state. That is determined by Law and the Census. Fair enough. But gerrymandered Districts need to be corrected. By now it must occur to you that Votes from Reps. that do not live in Your District Do Influence Your Life, Your Laws and how Your Tax Dollars are spent.
I do not want ACORN or any Other Special Interest or Organized Crime Groups having any part of those decisions.
BTW, here’s the text of the Frank monstrosity to read. I posted an article about Frank’s next power grab, concocted again in the back rooms and apparently outside of the media’s tunnel-visioned gaze, back in August of this year.
Yes… Obama is busy creating jobs. Unfortunately, like the IMAC, most of them seem to be new federal agencies under the control of the Exec Branch that “transfer authority” from the traditional watch dogs to these five-men panels.
In this case, authority and power is transferred from the Board of Governors of the Fed Reserve, the FTC, the Comptroller of the Treasury, and the FDIC to this newly created “agency”. This legislation allows for this agency to create mandates and regulations, and decide enforcement penalties. It also has the right to intercede and usurp agreements between the financial institution INRE arbitration/mediation relief.
It amends the Consumer Credit Protection Act by removing the Fed Reserve Board of Governors as the authority over consumer credit billing and leases, and inserting this newly created Agency as that authority instead.
It also amends that bloated Obama/Pelosi/Reid Omnibus bill of 2009 by making this Agency the de facto power on rules and regulations for mortgage loans.
Anyone remember the CRA and how ACORN spent a great deal of time litigating on behalf of “wronged minorities” with a legal beagle named Barack Obama?
And how long a period is it that Congress checks up on this newly empowered panel? Once at the beginning of each regular Congressional session. Yes, folks… once a year they’ll cast their eyes in the direction of this agency and their power grab from the traditional authority.
These are Presidential appointees, confirmed by Congress. But we already have Presidential appointees, confirmed by Congress, empowered with this authority. This panel just creates yet another red tape bureaucratic clot and will, no doubt, result is crap like the HVCC regulations that are simply making the housing process and recovery worse.
But coming from Frank, and 16 Dem cohorts, how could one expect any less?
The Rape, Pillage and Plunder of the Treasury, the Tax Payer and Free Enterprise System continues unabated by Congress, the Law or Voters.
Yup. Elections Do have Consequences indeed.
That’s all our country needs,a crooked group like acorn having access to financial services! Acorn needs to go! How were they allowed to go unchecked all of these years????