Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions

I know what you're thinking; you're thinking that because of all the ACORN corruption which was caught on video from coast to coast by James O'Keefe and Hannah Giles that ACORN has been declared completely ineligible from future govt aid. You were thinking that, weren't you.

Well, what in the world were you thinking? The dems have voted to give ACORN regulatory authority over financial institutions! That's right friends! ACORN barely got a rap on the wrist for it's overt corruption. In fact, in leftist democrat parlance, the corruption probably enhanced their worthiness to receive a regulatory role in our financial institutions.

Read it for yourself and weep for this country:

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.

Be sure to go to the above link and click on the link so you can see who voted for it and who voted against it.

Have you heard much about this on any news outlet?