Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions

SAY WHAT????

Wha, wha, wha, WHAAAAAAAT?!

This comes straight from the Republican Committee on Financial Services:

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.

We’ve got crazy people running the country. And crazy people running these financial institutions if they’re still donating millions of dollars to ACORN, a  demonstrably corrupt organization.

Check out Big Government for all the latest examples of ACORN corruption:

• Baltimore: Exclusive Story | Full Audio | Full Transcript
• DC: Exclusive Story | Full Audio | Full Transcript
• New York: Exclusive Story | Full Audio | Full Transcript
• San Bernardino: Exclusive Story| Full Audio | Full Transcript
• San Diego: Exclusive Story | Full Audio and Transcript, Part I | Full Audio and Transcript, Part II
• **Breaking** Philadelphia: Exclusive Story

When will this insanity stop?

See also:

Trick Or Treat: Government To Resume Funding ACORN Halloween Night

UPDATE

Ed Morrissey parses the amendment’s words:

Parsing this carefully, it does not appear that Democrats on the HFSC explicitly included ACORN on this panel.  Instead, the Waters amendment leaves spots open for representatives from organizations like ACORN, and probably does nothing to exclude ACORN representatives for consideration on these slots.  The headline and lead on this release seem to be somewhat misleading in stating that Waters explicitly added ACORN as a regulator.

With all due respect to Captain Ed….duh. Just as in the stimulus bill, and other bills, ACORN isn’t mentioned specifically, but who does he think:

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”

applies to? Any number of community organizations, ACORN, being the largest, most prominent, and corrupt, among them, and unless they’re specifically shut out, they find a way to get in on the action. That’s why Democrats have always voted against Republican amendments in prior bills to exclude ACORN.