ACORN To Regulate Financial Institutions

Huh? Maxine Waters, are you crazy?

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The House committee that oversees the nation’s financial services sectors has quietly voted to give regulatory power to a famously corrupt community organization that rakes in millions of dollars from the very institutions it will monitor.

Weeks after Congress cut the public funding of the fraud-infested Association of Community Organizations for Reform Now (ACORN), the House Committee on Financial Services has actually approved an amendment that will give the Chicago-based group a role in setting regulations for the country’s financial institutions.

Here is the best part; ACORN receives millions of dollars annually—in direct corporate contributions and other arrangements— from the businesses it will supposedly oversee. While this may sound like a bad joke, considering ACORN is a renowned criminal enterprise, it’s very real. Giving this sort of authority to a notoriously crooked organization was the brilliant idea of California Democrat Maxine Waters, currently under investigation for steering federal bailout funds to her husband’s bank.

The veteran congresswoman, considered the Golden State’s most powerful black lawmaker, added the measure to a pending bill that aims to overhaul the country’s financial regulations. That legislation will establish a Consumer Financial Protection Agency (CFPA) with the authority to examine, supervise and enforce consumer financial protection laws. The newly created agency would have jurisdiction over mortgages, credit cards, student loans and auto loans.

More at: http://www.judicialwatch.org/blog/2009/oct/acorn-regulate-fi...