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Friday, October 30, 2009

Democrats Vote ACORN Into Regulatory Status

As reported on the Women's Republican Party of Texas website:

Democrats Vote ACORN Into Regulatory Status

The repeated, nationwide exposure of ACORN as a thoroughly corrupt organization (so far, in Baltimore, DC, New York, San Bernardino, San Diego and Philadelphia) evidently hasn't dented the Democrats' enthusiasm for it. On Monday, 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.

Yes, you read that right. The Democrats voted to give ACORN - an organization caught in numerous instances of voter fraud and exposed attempting to give assistance to what its office workers believed were child sex slave traffickers with political ambitions - a serious regulatory role. According to Republicans on the House Financial Services Committee:

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.

The Democrats promised to deliver "the most ethical Congress ever." They have totally betrayed that promise, chosing on the one hand to protect Rep. Charlie Rangel as Chairman of the House Ways and Means Committee even while he's investigated for tax evasion, and on the other hand now voting to give the rotten-to-the-core ACORN regulatory authority over financial institutions. ACORN should be investigated, not elevated into any position of authority. The Democrats aren't even hiding their arrogance and utter contempt for the rule of law anymore.

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