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Democrats' banking reform bill, exempts minority owned banks!

Chris Dodd and Barney Frank, two Democrats that played major roles in creating the mortgage crises, are at it again. They are trying to get a banking reform bill passed in the House. However, their bill exempts “minority owned” banks! Democrat imposed affirmative action banking caused the mortgage crises in the first place!

From Investor’s Business Daily…

Much of the 2,000-page draft of the Democrats’ finance reform bill could have been written by Acorn, and probably was. It has more to do with “civil rights” than consumer protection.

The devil is in the details of the monstrous new regulatory package, which Democrats hope to pass early next month. They reveal plans to reallocate credit and capital to the Democrats’ political base, while empowering race racketeers like Acorn with slush funds and advisory board seats.

The “Restoring American Financial Stability Act of 2010” is, in fact, a massive redistribution scheme camouflaged as reform. Far from reforming easy-credit practices, the bill encourages more of the same reckless, politically mandated lending that brought down the entire financial system in the name of “affordable housing.”

Yes, the bill gives Treasury the power to liquidate banks that pose a threat to financial stability. But it essentially exempts minority-owned banks and those approved by Acorn-style urban organizers.

“The orderly liquidation plan shall take into account actions to avoid or mitigate potential adverse effects on low- income, minority or underserved communities affected by the failure of the covered financial company,” it says.

In other words, zombie banks laden with subprime and near-prime loans may be too PC to fail.
Democrats call such immunity from reform “impact protections,” but Republicans aren’t buying it.