Senate GOP Moves to Repeal Consumer Protections
Senate GOP moves to repeal consumer rule
WASHINGTON (AP) – The Republican-led Senate narrowly voted Tuesday to repeal a banking rule that would let consumers band together to sue their bank or credit card company to resolve financial disputes. Vice President Mike Pence cast the final vote to break a 50-50 tie.
The Republican-led Senate narrowly voted Tuesday to repeal a banking rule that would let consumers band together to sue their bank or credit card company to resolve financial disputes.
Democratic lawmakers said the CFPB’s rule would have given consumers more leverage to stop companies from financial wrongdoing. They cited the sales practices at Wells Fargo and the security breach at credit company Equifax as examples of misdeeds protected through forced arbitration.
“So who does forced arbitration help? Wall Street banks and other huge corporations that never pay the price for cheating working people,” said Sen. Sherrod Brown, D-Ohio.
Richard Cordray, director of the consumer bureau, said: “Tonight’s vote is a giant setback for every consumer in this country. Wall Street won and ordinary people lost. This vote means the courtroom doors will remain closed for groups of people seeking justice and relief when they are wronged by a company.”
This is another example of the how Republicans only care about their Corporate donors and don’t care about average Joe Americans
