Although the US Senate and US House both voted to pause any federal funding on its way to the embattled ACORN until November 1, TradingStocks.com reports that last week US Rep. Maxine Waters successfully manipulated ACORN and its sister organizations into a new, even more powerful position --advising the nation's financial institutions:
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.
ACORN, you may ask. How can we be so sure?
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.
And how does that apply to ACORN?
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.
Americans for Prosperity-IL have been running ads on cable tv and internet this week, pointing out the problems and connections with the public sector unions and community organizing groups such as ACORN. They're collecting signatures to present to Governor Quinn this week in Springfield. Go to www.saynotoacorn.com today to be included in the public outrage against bestowing more power on ACORN.