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Dems Vote to Give ACORN Regulatory Authority over Financial Institutions

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Dems Vote to Give ACORN Regulatory Authority over Financial Institutions Empty Dems Vote to Give ACORN Regulatory Authority over Financial Institutions

Post by Deena in GA on Sat Oct 24, 2009 11:03 am

Y'all are just going to love this...NOT!

http://republicans.financialservices...=860&Itemid=43


Quote:
Democrats Vote To Give ACORN Regulatory Authority 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 amendment passed on a vote to 35-33. Click here to view the vote.

The list is a pdf. Here's who voted to pass this crap:

FRANK
KANJORSKI
WATERS
MALONEY
GUTIERREZ
VELAZQUEZ
WATT
ACKERMAN
SHERMAN
MEEKS
MOORE of KS
CAPUANO
HINOJOSA
CLAY
BACA
LYNCH
SCOTT
GREEN
CLEAVER
MOORE of WI
HODES
ELLISON
KLEIN
WILSON
PERLMUTTER
DONNELLY
FOSTER
CARSON
ADLER
KILROY
DRIEHAUS
GRAYSON
HIMES
PETERS
MAFFEI

Deena in GA

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Post by Sonshine on Sat Oct 24, 2009 11:20 am

Sure, give the ones who are responsible for the prime time mortgage mess power to regulate financial institutes. Makes a lot of sense to me. Rolling Eyes

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Post by 7dawn on Thu Nov 05, 2009 1:51 am

Going from one corrupt system and group to another. I pray that the mid-term elections bring about some change that will make a difference. What annoys me the most is the administrations shove it down your throat policy of passing anything and everything....Did that make sense? I have noticed that I have started drooling when I speak and tend to forget things since I started babysitting again... Shocked

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