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Author Topic: Dems Vote to Give ACORN Regulatory Authority  (Read 1979 times)

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Offline Alpha Mare

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Dems Vote to Give ACORN Regulatory Authority
« on: October 25, 2009, 10:04:37 AM »
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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. Click here to view the vote. 
 
http://republicans.financialservices.house.gov/index.php?option=com_content&task=view&id=860&Itemid=43
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Offline thundley4

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #1 on: October 25, 2009, 10:07:24 AM »
There is no limit to the stupidity of Democrats.  ACORN was the main group pushing banks to make bad loans that helped to cause the financial mess.  Let's just give the keys to henhouse to the foxes.
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Offline Crazy Horse

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #2 on: October 25, 2009, 10:37:01 AM »
 :thatsright:
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Offline rich_t

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #3 on: October 25, 2009, 06:31:50 PM »
And people wonder why I am stocking up on food, water, guns and ammo?
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Offline DixieBelle

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #4 on: October 25, 2009, 06:43:33 PM »
are you kidding me?!!??!?!?!?!
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Offline Carl

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #5 on: October 25, 2009, 07:03:01 PM »
What the??????????
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Offline ColonialMarine0431

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #6 on: October 25, 2009, 07:25:45 PM »
democRATs in action. Their stupidity is boundless.
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Offline Chris_

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #7 on: October 25, 2009, 09:34:54 PM »
What scares me the most is they hold the purse strings for now no telling how much more damage they are going to do before it is over
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Offline deportliberals

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #8 on: October 26, 2009, 12:27:05 PM »
Remember folks, the Obama regime is a collection of leftists who have ignited leftist fervor among congressional leftists.

These people are NOT americans!  There are U.S. citizens by birth only.  Our leftist empire hates america and, more importantly, they hate the constitution which stands in the way of their workers' paradise and subordination of our sovernigty to their one world order.

They and their media are thoroughly corrupt and no longer care if anyone knows it.
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Offline bkg

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Re: Dems Vote to Give ACORN Regulatory Authority
« Reply #9 on: October 26, 2009, 12:38:29 PM »
we are completely and utterly ****ed.   :banghead:
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