The amendment was sponsored by Rep. Maxine Waters, D-CA, and provided that five slots on the oversight board for the proposed new Consumer Financial Protection Agency be reserved for representatives 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."
Waters is among ACORN's longest and most faithful congressional supporters, and her amendment reads like it might well have been written for her by an ACORNer, or a staffer formerly associated with the controversial community organization.
Not only is this a HUGE conflict of interest, this organization and others like it receive billions of dollars from these financial institutions, but with the housing collapse we saw how ACORN's influence over financial institutions turned out. They pressured banks to lend money to people who couldn't afford loans, which in turn directly contributed to the banking industry collapse last year.
In addition, if they actually create this ridiculous, sure to be corruption ridden oversight Agency, wouldn't all consumers interests need to be represented equally? I see absolutely no reason for any one group to be represented specially or in any larger capacity than any other group. We are all consumers.
Finally, how is it even possible an organization rife with fraud and abuse-currently under investigation for a number of crimes including embezzlement, voter registration fraud, giving advice to pimps and prostitutes and how to set up a child prostitution ring in 5-days, and scores of other crimes even being considered?
This is an egregious turn of events. This organization has no business on the board of such a powerful agency.