Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions

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 amendment passed on a vote to 35-33. Click here to view the vote.

W.H. tells Congress that policy 'Czars' won't testify - Washington Times

By Stephen Dinan

The White House has told Congress it will reject calls for many of President Obama's policy czars to testify before Congress - a decision senators said goes against the president's promises of transparency and openness and treads on Congress' constitutional mandate to investigate the administration's actions.

Sen. Susan Collins, Maine Republican, said White House counsel Greg Craig told her in a meeting Wednesday that they will not make available any of the czars who work in the White House and don't have to go through Senate confirmation. She said he was 'murky' on whether other czars outside of the White House would be allowed to come before Congress.

Miss Collins said that doesn't make sense when some of those czars are actually making policy or negotiating on behalf of Mr. Obama.

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