In a recent writing on PorkingAmerica.com, I briefly explained that the current Community Reinvestment Act (CRA) does not force banks to lend based on race. The Act is based on incomes of individuals and the communities that they live in. Not so with the Community Reinvestment Modernization Act of 2009. Here is a list of things this Act will do (according to one web-site):
· Bolster the accountability of banks to all communities by requiring CRA exams in the great majority of geographical areas banks serve, not just where they have branches. This would include areas where they lend through mortgage brokers.
· Address racial disparities in lending by requiring CRA exams to explicitly consider lending and services to minorities in addition to low- to moderate-income communities.
· Penalize banks that engage in predatory and abusive lending practices and securitization activities by assigning these banks lower CRA ratings.
· Hold banks accountable by providing more publicly available bank ratings so that the general public can clearly discern disparities in bank performance.
· Further enhance accountability through improved data disclosure by: 1) requiring that small business loan data include the race and gender of the small business owner; 2) making data on deposit accounts neighborhood publicly available; and 3) linking the Home Mortgage Disclosure Act20to a new loan performance database tracking foreclosures and loan modifications.
· Require federal regulatory agencies to hold more public hearings and meetings when banks merge.
· Require HMDA-like data for insurance companies and securities firms so that the general public, community organizations, and federal agencies can assess the availability of their products to borrowers and communities by race, gender, and income levels.
· Apply CRA to a variety of non-bank institutions including independent mortgage companies, mainstream credit unions, and mortgage company affiliates of banks, insurance companies, and securities firms.
· Apply CRA more broadly throughout the financial services industry.
This Act is sponsored by Representative Eddie Bernice Johnson.
HR 133. This is the bill honoring Barack Hussein Obama and the significance of his becoming the first African-American President of the United States . It is interesting to read who is donating money to her. We are talking SEIU (ranked at the top), many other unions, Charlie Rangle, and check cashing joints (well known as predatory lenders). Also, looking at her recent votes, she has voted with AFL-CIO and SEIU, 100% of the time. In addition, according to an ACORN score card from 2006, she has voted with ACORN 100% of the time. I have also found a report from 1998 where she helped ACORN to twist the arms of Banc One using the CRA Act. By the way, this report is from Chicago .
You may remember that Rep. Johnson was one of the few that recently voted to allow ACORN to keep its Federal funding. She is also the one that is the sponsor for HR 133. This is the bill honoring Barack Hussein Obama and the significance of his becoming the first African-American President of the United States . It is interesting to read who is donating money to her. We are talking SEIU (ranked at the top), many other unions, Charlie Rangle, and check cashing joints (well known as predatory lenders). Also, looking at her recent votes, she has voted with AFL-CIO and SEIU, 100% of the time. In addition, according to an ACORN score card from 2006, she has voted with ACORN 100% of the time. I have also found a report from 1998 where she helped ACORN to twist the arms of Banc One using the CRA Act. By the way, this report is from Chicago .
So, the main sponsor for the CRA Modernization Act is someone who has direct ties to SEIU and ACORN…
Once again, another example of SEIU and ACORN helping to “fundamentally change” our financial system! Much, much more to come, keep reading!
By the way, below is a list of the Bill’s 51 Co-Sponsors, immediately followed by a list of those voting not to de-fund ACORN. The correlation is quite interesting…
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Rep Bishop, Sanford D., Jr. [GA-2] – 4/27/2009
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Rep Blumenauer, Earl [OR-3] – 6/17/2009
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Rep Brady, Robert A. [PA-1] – 6/12/2009
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Rep Braley, Bruce L. [IA-1] – 6/26/2009
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Rep Brown, Corrine [FL-3] – 6/2/2009
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Rep Butterfield, G. K. [NC-1] – 7/20/2009
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Rep Capps, Lois [CA-23] – 9/9/2009
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Rep Capuano, Michael E. [MA-8] – 6/4/2009
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Rep Carnahan, Russ [MO-3] – 4/23/2009
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Rep Christensen, Donna M. [VI] – 4/28/2009
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Rep Clarke, Yvette D. [NY-11] – 4/23/2009
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Rep Cohen, Steve [TN-9] – 5/7/2009
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Rep Conyers, John, Jr. [MI-14] – 4/23/2009
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Rep Cummings, Elijah E. [MD-7] – 4/23/2009
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Rep Davis, Artur [AL-7] – 5/13/2009
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Rep Davis, Danny K. [IL-7] – 5/13/2009
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Rep Delahunt, William D. [MA-10] – 5/19/2009
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Rep Doggett, Lloyd [TX-25] – 6/12/2009< /SPAN>
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Rep Edwards, Donna F. [MD-4] – 6/12/2009
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Rep Ellison, Keith [MN-5] – 3/17/2009
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Rep Fattah, Chaka [PA-2] – 3/19/2009
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Rep Filner, Bob [CA-51] – 5 /13/2009
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Rep Fudge, Marcia L. [OH-11] – 4/29/2009
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Rep Green, Al [TX-9] – 4/28/2009
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Rep Grijalva, Raul M. [AZ-7] – 5/7/2009
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Rep Gutierrez, Luis V. [IL-4] – 3/24/2009
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Rep Hastings, Alcee L. [FL-23] – 3/17/2009
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Rep Hinchey, Maurice D. [NY-22] – 6/10/2009
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Rep Honda, Michael M. [CA-15] – 6/2/2009
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Rep Jackson, Jesse L., Jr. [IL-2] – 4/30/2009
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Rep Kilpatrick, Carolyn C. [MI-13] – 3/19/2009
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Rep Kucinich, Dennis J. [OH-10] – 5/13/2009
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Rep Lee, Barbara [CA-9] – 4/27/2009
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Rep Massa, Eric J. J. [NY-29] – 6/8/2009
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Rep Matsui, Doris O. [CA-5] – 9/9/2009
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Rep McGovern, James P. [MA-3] – 6/8/2009
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Rep Meek, Kendrick B. [FL-17] – 4/29/2009
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Rep Meeks, Gregory W. [NY-6] – 6/2/2009
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Rep Moore, Gwen [WI-4] – 6/10/2009
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Rep Moran, James P. [VA-8] – 5/6/2009
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Rep Napolitano, Grace F. [CA-38] – 9/9/2009
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Rep Norton, Eleanor Holmes [DC] – 3/19/2009
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Rep Pastor, Ed [AZ-4] – 5/19/2009
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Rep Payne, Donald M. [NJ-10] – 7/16/2009
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Rep Rush, Bobby L. [IL-1] – 5/6/2009
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Rep Schakowsky, Janice D. [IL-9] – 5/19/2009
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Rep Serrano, Jose E. [NY-16] – 5/5/2009
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Rep Stark, Fortney Pete [CA-13] – 6/24/2009
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Rep Thompson, Bennie G. [MS-2] – 6/2/2009
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Rep Tsongas, Niki [MA-5] – 5/13/2009
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Rep Watson, Diane E. [CA-33] – 5/6/2009
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So, the main sponsor for the CRA Modernization Act is someone who has direct ties to SEIU and ACORN…
Once again, another example of SEIU and ACORN helping to “fundamentally change” our financial system! Much, much more to come, keep reading!
By the way, below is a list of the Bill’s 51 Co-Sponsors, immediately followed by a list of those voting not to de-fund ACORN. The correlation is quite interesting…
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Rep Bishop, Sanford D., Jr. [GA-2] – 4/27/2009
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Rep Blumenauer, Earl [OR-3] – 6/17/2009
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Rep Brady, Robert A. [PA-1] – 6/12/2009
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Rep Braley, Bruce L. [IA-1] – 6/26/2009
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Rep Brown, Corrine [FL-3] – 6/2/2009
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Rep Butterfield, G. K. [NC-1] – 7/20/2009
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Rep Capps, Lois [CA-23] – 9/9/2009
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Rep Capuano, Michael E. [MA-8] – 6/4/2009
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Rep Carnahan, Russ [MO-3] – 4/23/2009
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Rep Christensen, Donna M. [VI] – 4/28/2009
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Rep Clarke, Yvette D. [NY-11] – 4/23/2009
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Rep Cohen, Steve [TN-9] – 5/7/2009
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Rep Conyers, John, Jr. [MI-14] – 4/23/2009
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Rep Cummings, Elijah E. [MD-7] – 4/23/2009
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Rep Davis, Artur [AL-7] – 5/13/2009
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Rep Davis, Danny K. [IL-7] – 5/13/2009
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Rep Delahunt, William D. [MA-10] – 5/19/2009
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Rep Doggett, Lloyd [TX-25] – 6/12/2009< /SPAN>
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Rep Edwards, Donna F. [MD-4] – 6/12/2009
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Rep Ellison, Keith [MN-5] – 3/17/2009
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Rep Fattah, Chaka [PA-2] – 3/19/2009
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Rep Filner, Bob [CA-51] – 5 /13/2009
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Rep Fudge, Marcia L. [OH-11] – 4/29/2009
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Rep Green, Al [TX-9] – 4/28/2009
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Rep Grijalva, Raul M. [AZ-7] – 5/7/2009
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Rep Gutierrez, Luis V. [IL-4] – 3/24/2009
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Rep Hastings, Alcee L. [FL-23] – 3/17/2009
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Rep Hinchey, Maurice D. [NY-22] – 6/10/2009
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Rep Honda, Michael M. [CA-15] – 6/2/2009
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Rep Jackson, Jesse L., Jr. [IL-2] – 4/30/2009
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Rep Kilpatrick, Carolyn C. [MI-13] – 3/19/2009
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Rep Kucinich, Dennis J. [OH-10] – 5/13/2009
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Rep Lee, Barbara [CA-9] – 4/27/2009
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Rep Massa, Eric J. J. [NY-29] – 6/8/2009
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Rep Matsui, Doris O. [CA-5] – 9/9/2009
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Rep McGovern, James P. [MA-3] – 6/8/2009
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Rep Meek, Kendrick B. [FL-17] – 4/29/2009
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Rep Meeks, Gregory W. [NY-6] – 6/2/2009
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Rep Moore, Gwen [WI-4] – 6/10/2009
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Rep Moran, James P. [VA-8] – 5/6/2009
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Rep Napolitano, Grace F. [CA-38] – 9/9/2009
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0D
Rep Norton, Eleanor Holmes [DC] – 3/19/2009
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Rep Pastor, Ed [AZ-4] – 5/19/2009
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Rep Payne, Donald M. [NJ-10] – 7/16/2009
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Rep Rush, Bobby L. [IL-1] – 5/6/2009
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Rep Schakowsky, Janice D. [IL-9] – 5/19/2009
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Rep Serrano, Jose E. [NY-16] – 5/5/2009
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Rep Stark, Fortney Pete [CA-13] – 6/24/2009
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Rep Thompson, Bennie G. [MS-2] – 6/2/2009
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Rep Tsongas, Niki [MA-5] – 5/13/2009
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Rep Watson, Diane E. [CA-33] – 5/6/2009
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Tammy Baldwin, D-Wisc.
Xavier Becerra, D-Calif.
Robert Brady D-Pa.
Corrine Brown, D-Fla.
G.K. Butterfield, D-N.C.
Mike Capuano, D-Mass.
Andre Carson, D-Ind.
Kathy Castor, D-Fla.
Emanuel Cleaver, D-Mo.
James Clyburn, D-S.C.
Joseph Crowley, D-N.Y.
Elijah Cummings, D-Md.
Danny Davis, D-Ill.
Diane DeGette, D-Colo.
Bill Delahunt, D-Mass.
Mike Doyle, D-Pa.
Donna Edwards, D-Md.
Keith Ellison, D-Minn.
Eliot Engel, D-N.Y.
Chaka Fattah, D-Pa.
Bob Filner, D-Calif.
Marcia Fudge, D-Ohio
Al Green, D-Tex.
Raul Grijalva, D-Ariz.
Maurice Hinchey, D-N.Y.
Mazie Hirono, D-Hawaii
Rush Holt, D-N.J.
Mike Honda, D-Calif.
Jesse Jackson, Jr. D-Ill.
Sheila Jackson-Lee, D-Tex.
Eddie Bernice Johnson, D-Tex.
Carolyn Cheeks Kilpatrick, D-Mich.
Dennis Kucinich, D-Ohio
Rick Larsen, D-Wash.
Barbara Lee, D-Calif.
John Lewis, D-Ga.
Stephen Lynch, D-Mass.
Markey, D-Mass.
Betty McCollum, D-Minn.
McDermott, D-Wash.
McGovern, D-Mas s.
Gregory Meeks, D-N.Y.
Alan Mollohan, D-W.Va.
Gwen Moore, D-Wisc.
Jim Moran, D-Va.
Jerrold Nadler, D-N.Y.
Richard Neal, D-Mass.
John Olver, D-Mass.
Frank Pallone, D-N.J.
Bill Pascrell, D-N.J.
Donald Payne, D-N.J.
Jared Polis, D-Colo.
David Price, D-N.C.
Nick Rahall, D-W.Va.
Charlie Rangel, D-N.Y.
Lucille Roybal-Allard, D-Calif.
Bobby Rush, D-Ill.
Linda Sánchez, D-Calif.
Jan Schakowsky, D-Ill.
David Scott D-Ga.
Bobby Scott, D-Va.
Jose Serrano, D-N.Y.
Brad Sherman, D-Calif.
Albio Sires, D-N.J.
Louise Slaughter, D-N.Y.
Pete Stark, D-Calif.
Bennie Thompson, D-Miss.
Edolphus Towns, D-N.Y.
Niki Tsongas, D-Mass.
Nydia Velázquez, D-N.Y.
Maxine Waters, D-Calif.
Diane Watson, D-Calif.
Henry Waxman, D-Calif.
Robert Wexler, D-Fla.
Lynn Woolsey, D-Calif.
Xavier Becerra, D-Calif.
Robert Brady D-Pa.
Corrine Brown, D-Fla.
G.K. Butterfield, D-N.C.
Mike Capuano, D-Mass.
Andre Carson, D-Ind.
Kathy Castor, D-Fla.
Emanuel Cleaver, D-Mo.
James Clyburn, D-S.C.
Joseph Crowley, D-N.Y.
Elijah Cummings, D-Md.
Danny Davis, D-Ill.
Diane DeGette, D-Colo.
Bill Delahunt, D-Mass.
Mike Doyle, D-Pa.
Donna Edwards, D-Md.
Keith Ellison, D-Minn.
Eliot Engel, D-N.Y.
Chaka Fattah, D-Pa.
Bob Filner, D-Calif.
Marcia Fudge, D-Ohio
Al Green, D-Tex.
Raul Grijalva, D-Ariz.
Maurice Hinchey, D-N.Y.
Mazie Hirono, D-Hawaii
Rush Holt, D-N.J.
Mike Honda, D-Calif.
Jesse Jackson, Jr. D-Ill.
Sheila Jackson-Lee, D-Tex.
Eddie Bernice Johnson, D-Tex.
Carolyn Cheeks Kilpatrick, D-Mich.
Dennis Kucinich, D-Ohio
Rick Larsen, D-Wash.
Barbara Lee, D-Calif.
John Lewis, D-Ga.
Stephen Lynch, D-Mass.
Markey, D-Mass.
Betty McCollum, D-Minn.
McDermott, D-Wash.
McGovern, D-Mas s.
Gregory Meeks, D-N.Y.
Alan Mollohan, D-W.Va.
Gwen Moore, D-Wisc.
Jim Moran, D-Va.
Jerrold Nadler, D-N.Y.
Richard Neal, D-Mass.
John Olver, D-Mass.
Frank Pallone, D-N.J.
Bill Pascrell, D-N.J.
Donald Payne, D-N.J.
Jared Polis, D-Colo.
David Price, D-N.C.
Nick Rahall, D-W.Va.
Charlie Rangel, D-N.Y.
Lucille Roybal-Allard, D-Calif.
Bobby Rush, D-Ill.
Linda Sánchez, D-Calif.
Jan Schakowsky, D-Ill.
David Scott D-Ga.
Bobby Scott, D-Va.
Jose Serrano, D-N.Y.
Brad Sherman, D-Calif.
Albio Sires, D-N.J.
Louise Slaughter, D-N.Y.
Pete Stark, D-Calif.
Bennie Thompson, D-Miss.
Edolphus Towns, D-N.Y.
Niki Tsongas, D-Mass.
Nydia Velázquez, D-N.Y.
Maxine Waters, D-Calif.
Diane Watson, D-Calif.
Henry Waxman, D-Calif.
Robert Wexler, D-Fla.
Lynn Woolsey, D-Calif.
