Financial Services Committee Passes Bachmann Amendment to Keep ACORN from Financial Counseling on Taxpayer’s Dime
Last week, the Financial Services Committee, on which I serve, completed mark-up on a bill to create the Consumer Financial Protection Agency (CFPA), 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. I was pleased that the Committee passed two amendments that I offered in an attempt to improve the bill.
The bill created a “Consumer Advisory Board” to advise the Director of the CFPA on certain consumer protection issues. My first amendment would prohibit individuals who have been employed by organizations indicted for federal or state election law violations from serving on the Consumer Advisory Board established by the bill and ban such organizations from participating in programs created by the Office of Fair Lending and Equal Opportunity.
As I’ve mentioned in recent newsletters, ACORN has been making millions of dollars off of partnerships with banks for financial counseling. But at the same time, ACORN has been making headlines for lax ethical standards. It has been drawn into criminal investigations time and time again for voter registration fraud in more than a dozen states. And, most recently, its employees in nearly half a dozen cities were caught on video tape giving financial and tax advice for setting up an underage prostitution ring. This is not the sort of group that should be involved in this new financial counseling regime.
The Committee also passed my amendment to direct the Consumer Financial Protection Agency to promulgate new rules on appraisal independence requirements within 60 days of the bill’s enactment and would sunset the Home Valuation Code of Conduct (HVCC) at that time. I have heard from a number of my constituents who are independent appraisers and who were very concerned about being squeezed out of business by the restrictive HVCC. And, I also have serious concerns about restricting competition in the housing market at a time when its recovery is still very fragile.
I am still fascinated by ideological chasm between Democratic and Republican politicians and their parties, to the point that we citizens align ourselves with one or the other on a regular basis. I am neither a Republican nor a Democrat, but I do not see why any adherent of any party should fear any politician from any other party. I really do not understand what all of the fight is about.
It seems to me that if one is asked 100 questions about their positions on certain issues, there would be a healthy mix of positions attributable to both parties, with each issue being analyzed and addressed on its own individual merit.
Why do we have to be in camps, or align ourselves with either party? I really don’t understand this. My views are consistent with some Democrats on some issues, and consistent with some Republicans on others. An argument could be made that we have reached the point in this country where we should consider a peaceful division of the country along ideological lines. This constant ideological bickering can not be good for us in the long-term.
Reggie, I quite agree with you. I have since coming into my own (that is starting to think for myself rather than following my parents views
) voted for the person and not the party. It just happens that most of those I agree with happen to be Republican at this time. Rep. Michele Bachmann is neither Republican nor Democrat in my opinion because she is a threat to both parties in that she is honest and wants an open honest government which the leaders of neither party agree with.
And I also agree we need to get away from the party bickering. I think this is why more people are registering Independent and more candidates are running as Independents. A big deal was made over Sarah Palin endorsing an Independent rather than the Republican but I see her move as a courageous one and looking to the future where the two parties will have killed each other off with all the fighting and then when either gets in office they are back to status quo and shutting the other party out.
It is good to hear from you Reggie. BB
Thank YOU Brenda.