Congresswoman Maxine Waters, amendment that would allow ACORN to become an official government actor in setting regulations for financial institutions

Why do We Need YOUR Voice Against ACORN? Because Gov’t Cannot Be Trusted!

By Warner Todd Huston
Wednesday, October 28, 2009

Not long ago I posted a piece with news that the Service Employees International Union (SEIU) had decided to cut off its association with the Association for Community Activists for Reform Now (ACORN). I also reported that the RIS and several other Federal agencies had stopped their dealings with ACORN, essentially defunding them of federal dollars.

But that was then…

On October 22 Congresswoman Maxine Waters (D, Calif) was sadly successful in getting an amendment passed in the House Financial Services Committee that would allow ACORN to become an official government actor in setting regulations for financial institutions.

You read that right. Rep. Waters thought it would be a great idea to give federal power to an organization that has repeatedly broken multiple state election laws in nearly every state in the union and an organization that has been guilty of covering up the embezzlement nearly five million dollars of its own funds by one of its highest ranking members.

Republican Representative Spencer Bachus (R, Alabama) ranking Republican of the Financial Services Committee reported of Rep. Waters’ amendment to H.. 3126.

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 mortgagesâ€