Such short memories we all have: Democrats Vote To Give ACORN Regulatory Authority...

Discussion in 'Current Events' started by outamyway, Oct 25, 2009.

  1. outamyway

    outamyway New Member

    Over Financial Institutions

    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 Waters amendment passed on a vote of 35-33. .
     
  2. over9five

    over9five Moderator Staff Member

    Re: Such short memories we all have: Democrats Vote To Give ACORN Regulatory Authorit

    Per order of the White House??
     
  3. brett636

    brett636 Well-Known Member

    Re: Such short memories we all have: Democrats Vote To Give ACORN Regulatory Authorit

    Democrats and criminal organizations seem to be quite a pair nowadays. Gee, why is it so great they are in the majority again?
     
  4. diesel96

    diesel96 New Member

    Re: Such short memories we all have: Democrats Vote To Give ACORN Regulatory Authorit

    ACORN.....ooh shutter at the word ACORN. Meanwhile words like Haliburton and BlackWater give you guys a tingling feeling up your leg....
     
  5. moreluck

    moreluck golden ticket member

    Re: Such short memories we all have: Democrats Vote To Give ACORN Regulatory Authorit

    I don't "shudder" at the word Acorn. I actually have Acorn marked as one of my favorites on my shopping picks on my computer and have for years.