Perhaps you thought that ACORN was already running financial institutions like mortgage giants Fannie Mae and Freddie Mac, in league of course with a Democrat controlled Congress and ACORN's union buddies, like Denis Hughes, former political director of the AFL-CIO, the chairman of the Federal Reserve Bank of New York.
However, it seems there are a few slight obstacles to completely open, unashamed, control of our country's financial destiny by ACORN. For example, ACORN clearly doesn't yet control insurance companies, a very important class of financial institutions, which include banks, credit unions, trust companies, mortgage loan companies, pension funds, brokers, underwriters, and investment funds.
You didn't really think that a few dozen election, tax, and embezzlement scandals would get in ACORN's way, did you? Nah.
Courtesy Republican members of the House Committee on Financial Services:
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 idea is to "protect" certain financial "consumers" via a brand-new federal agency, Obama's Consumer Financial Protection Agency, the CFPA. The CFPA will have an Oversight Board, and that's not to provide oversight of the agency, which would be my first choice.
No, the Oversight Board will exist to make sure that financial consumers, notably those in "underserved communities" or those who are unqualified or marginally qualified for mortgage loans, experience "fair lending," and "civil rights":
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.Wait a second. Aren't these the very "financial consumers" who drove America into a housing crisis by forcing banks to loan to unqualified buyers? And wasn't ACORN, with its 300+ affiliates (including two political parties) the head muckety muck of all community organizations, even getting their legal advice from the Community-Organizer's-Lawyer-in-Chief, before he became president of the country that his pastor of 20 years thought should be damned by God? Those people?
Oh, yes, and ACORN runs on government money, colloquially known as "Obama's stash," which is a euphemism for your money, which is more and more starting to sound like a euphemism for your poverty, once you have been drained of your assets.
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.And, we cannot easily forget, the government now effectively owns controlling interests of some of the largest financial institutions in the world. Meaning that ACORN would be controlling those banks.
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 Bad Guys who voted Aye (besides Madam Waters):
The Waters amendment passed on a vote of 35-33.
Frank (no surprise), Kanjorski, Maloney, Gutierrez, Velazquez, Watt, Ackerman, Sherman, Meeks, Moore of KS, Capuano, Hinojasa, Clay, McCarthy, Baca, Lynch, Scott, Green, Cleaver, Moore of WI, Hodes, Ellison,Klein, Wilson, Perlmutter, Donnelly, Foster, Carson, Speier, Childers, Minnick, Adler, Kilroy, Driehaus, Kosmas, Grayson, Himes, Peters, Maffei. Click here to see the Voting Record for the Waters Amendment (006) with your own eyes.Nice Deb has been spreading the word. Thank you, Nice Deb.
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