House Passes Financial Services Bill; Mandates Racial Favoritism

Maxine Waters photoSupporters call it “financial services reform.” Yet one has to wonder what the Restoring American Financial Stability Act of 2010 is reforming or stabilizing. The House on Wednesday by a 237-192 margin passed the 2,300-plus-page conference bill designed to protect American households from predatory practices by banks, subprime lenders, brokerage houses and other intermediaries. But evidence suggests that if it becomes law, the bill instead will lay the groundwork for another major federal bailout. During House-Senate conference sessions, affirmative action zealots inserted a host of mandates to promote credit allocation by race. Sen. Christopher Dodd, D-Conn., and Rep. Barney Frank, D-Mass., the prime sponsors of this “comprehensive” bill, have refused to entertain legitimate objections. If the Senate approves the measure – Majority Leader Harry Reid, D-Nev., has vowed to corral the necessary filibuster-breaking 60 votes in a matter of days – Congress once more will have shown that it places a higher priority on …