ACORN Handed Regulatory Authority Over Financial Institutions

Apparently it will take more than the astonishing O’Keefe/Giles exposés to disinfect Washington of the disease known as ACORN. Ignoring revelations that ACORN is a cesspool of corruption, Democrats have voted to give it regulatory power over the financial institutions that it habitually shakes down for donations.

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.

Our leftist rulers are so arrogant, they don’t even pretend not to be in league criminals anymore.

obama acorn
ACORN is too big to fit under the bus.

On a tip from Janet. Cross-posted at Moonbattery.

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