New Financial Bill : Government Can Takeover Banks Except Minority Firms

IBD reports:

Subprime Scandal: 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.

Many people in Congress don't believe in the concept of "equal protection under the law".