H.R.3126 ACORN Will Regulate Financial Industry

Obama Teach-in at ACORN

Obama Teach-in at ACORN

Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions

You just couldn’t make this stuff up.

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.

H.R.3126 Introduced by Rep.Barney Frank To Give Federal Government Control of Community and Small Town Banks

ROMANTICPOET’S WEBLOG

[…]
“This is a breathtaking control grab of ordinary community banks in small towns across America,” said Ross Little, Jr., Senior Vice President of Teche Federal Bank. “This measure would grant unprecedented power to the federal bureaucrats and grant even more power to the Federal Reserve, an already unaccountable and non-transparent body. Americans should be outraged.”
[…]
My end note:
It wasn’t enough to grab control of banks receiving TARP funds, now they are going after ALL banks within the United States.

ADD THIS:

Status: Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Amazing……just amazing.

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