Latest Bachmann ACORN concoction: It could regulate banks
Rep. Michele Bachmann, fresh off a softball interview with MinnPost, is using her seat on the House Financial Services Committee to raise the specter of ACORN volunteers regulating the nation's financial industry.
At a Wednesday press conference in Washington, D.C., she railed against an amendment to a House regulatory reform bill that would create a five-member panel whose role would be to keep an eye out for possible cases of predatory mortgage lending.
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 board does not have the power to create policy.
"Over the last two years, we have seen the impact of foreclosures on communities, small banking institutions, and our constituents and how predatory financial products like subprime credit cards and mortgage loans were targeted to minorities and low-income consumers," Waters said on passage of the amendment. "In order to ensure that this doesn't happen again, groups and individuals with the consumer's best interests in mind must have a seat at the table."
Here's Bachmann's take:
"The House is considering legislation to create the Consumer Financial Protection Agency, an expansive new government bureaucracy with far-reaching powers to make decisions for consumers about the kinds of mortgages, small business loans, and other financial products they may access. In its current form, ACORN would be eligible to sit on an Oversight Board tasked with advising the CFPA Director on his overall strategies and policies. ... They should neither play a role in overseeing our nation's financial system nor be eligible for federal funding.
For Bachmann, ACORN is the gift that keeps on giving.