Could ACORN Regulate America's Financial System?

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Congress is working to create a new agency to regulate consumer financial products, but some lawmakers are afraid the controversial community organizing group ACORN will get a seat on the oversight board.

Employees working for the Association of Community Organizations for Reform Now, or ACORN, were seen in undercover videos counseling actors posed as a pimp and prostitute on how to skirt the law.

"I've got experience in how to not get caught," one ACORN member said in an undercover video from San Bernardino.

Congress has already voted to block federal funding to ACORN, but now there's a new fear among lawmakers who say the group is too partisan and corrupt to partner with the federal government.

The House passed legislation Friday that will create a new council designed to monitor threats to America's financial system.

Minnesota Congresswoman Michele Bachmann tried to amend the legislation to bar ACORN from being allowed to sit on the council's Consumer Financial Protection Oversight Board, but the amendment was blocked.

Bachmann said allowing ACORN a seat at the table would be like putting a fox in charge of the hen house.

"That would be a cruel joke, I think to play on the American people," she said.

Bachmann also said she's still waiting for an investigation into ACORN's activities.

Former employee Anita Moncrief called ACORN a "criminal enterprise."

"This organization is corrupt by its very nature, and it cannot be reformed. The only thing to be done is an investigation of ACORN, and I am urging congress to de-fund them permanently," Moncrief said.

An internal investigation funded by ACORN revealed the organization did not break any laws, but suggested an independent ethics officer be hired to oversee changes the group is making.

The Senate will now consider the Financial Consumer Protection Act passed by the House.

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