Should ACORN Participate in Regulating Financial Institutions?

Posted by Tina

Democrats have reached a level of audacity that is unprecedented. If you doubted the progressives’ intention when they said they would “transform America” before you might want to reconsider what it means now…this is insane:

“Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions” – Trading Markets

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.

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