ACORN: A Seat At The Financial Regulatory Table?

Michelle Bachman is not lying.  It’s in there, it’s now 1,279 pages, and this particular amendment is coming from one of the worst offenders in the financial meltdown – Maxine Waters.

Bachmann: ACORN could regulate the financial sector

The embattled community group ACORN could help regulate the financial services industry under new financial regulatory reforms, said Rep. Michele Bachmann (R-Minn.) on Wednesday.

Bachmann, a consistent opponent of ACORN (Association of Community Organizations for Reform Now), said that an amendment given in the House Financial Services Committee could allow the group to sit on an advisory panel that monitors the regulations.

“ACORN may have a seat at the table being on the oversight committee regulating the financial services industry of the United States,” Bachmann said at a press conference. “And that would be a cruel joke.”

Bachmann’s remarks come as House Financial Services Committee chairman Barney Frank’s (D-Mass.) regulatory reform bill is set to be brought to a floor vote this week.

The amendment offered by Rep. Maxine Waters (D-Calif.) created Consumer Financial Protection Oversight Board that would need to include five members from the “fields of consumer protection, fair lending and civil rights, representatives of depository institutions that primarily serve under-served communities or representatives of communities that have been significantly impacted by higher-priced mortgage loans.”

The panel does not have the power to create policy but can recommend policies to the director of the Consumer Financial Protection Agency.

Bachmann argued that this provision could allow ACORN to participate on the board. ACORN was temporarily stripped of its federal funding by Congress in September after two conservative activists posing as a pimp and prostitute filmed ACORN employees offering them financial advice.

16 thoughts on “ACORN: A Seat At The Financial Regulatory Table?”

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  5. What do we have to do to get rid of ACORN? You’d think with the proven crimes laid at their doorstep that they would be long gone. But no, they’re still here. Could it be that they are being protected by their friendly community organizer? This is the last thing we need. Is no one strong enough (other than we bloggers) to stand up and say ENOUGH???????????

  6. Diamond, I really like your count-down to firing congress. On News Year Day I hope others like me will make the firing of congress no.1 on their resolutions list for 2010.

    • Lee – these bastards are in for the surprise of the century. They want us to think that we are few. That’s not what I am hearing, seeing, and keeping track of. May I use your suggestion for a post?

      • That would be one New Year’s Resolution I would work all year to keep.

        Just thinking how I felt this time last year, it is amazing the difference a year can make. I remember feeling scared, powerless and lost. The difference now is knowing how many feel the same way I do , it is the other sides turn to feel scared, maybe not powerless yet but they soon will be and they are for sure lost.

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