Banks

GOP limits peoples’ ability to sue banks

pence
Pence, the tie breaker

Senate Republicans voted to kill a key rule that protected consumers by preventing them from being forced into secret arbitration after they were taken advantage of by big banks and financial institutions.

The Senate vote was 50-50 with Vice President Mike Pence breaking the tie.

The Republicans that have criticized Trump or sunk his efforts on other issues in the past sided with the President as Jeff Flake, Bob Corker, John McCain & Lisa Murkowski all voted to harm consumers.

Sen. Tammy Duckworth (D-IL) told Republicans that they would be harming veterans by getting rid of the rule, “It’s common to hear stories throughout my state of Illinois – and throughout the military community – of Servicemembers being taken advantage of through predatory loans, scams, abuses and fraud. That’s because active-duty Servicemembers are particularly vulnerable consumers, especially when they are deployed. Corporations and scam-artists know this and they take advantage of it. The CFPB’s forced arbitration rule could help protect our Servicemembers from this sort of abuse, but it seems that a few of my colleagues want to make it harder for military families to get by. That’s a shame. A vote to overturn it is a vote against our military and against those who wake up every single day to serve and protect the greatest nation on the face of the earth.”

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