Posted by Curt on 24 October, 2009 at 9:48 am. 7 comments already!


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.

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