Nick Visser reports for HuffPost:
“Senate Republicans on Tuesday voted to overturn a new regulation that would have allowed class-action lawsuits against big banks and credit card companies. The vote effectively handed Wall Street another win as the Trump administration seeks to dismantle former President Barack Obama’s legacy.
A 50-50 tie was broken by Vice President Mike Pence to overturn a measure crafted by the Consumer Financial Protection Bureau that limited forced arbitration clauses in the fine print of financial contracts. Such clauses prohibited people who signed up for a new account at a bank to launch a class-action lawsuit against that institution for unfair business practices, requiring them to enter into private arbitration in which banks are far more likely to get their way.
Sens. Jeff Flake (R-Ariz.), John McCain (R-Ariz.) and Bob Corker (R-Tenn.), who have amped up their criticism of the White House in recent months, including Flake’s announcement Tuesday that he would not run for re-election, all voted to overturn the measure.
Sens. Lindsey Graham (S.C.) and John Kennedy (La.) were the only two Republicans to vote for the measure. Every Democrat voted to protect the CFPB regulation. It now heads to the office of President Donald Trump, who is expected to quickly sign it.
The CFPB’s ban on such arbitration clauses, set to take effect in 2019, would have given power to individual consumers and likely would have forced big banks to change their business practices.”
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Read the rest of the story at the link.
Hollow men, hollow words. Too little too late. These Dudes were happy to support a known unstable liar, bully, racist, mysognist, and all around charlatan and his anti-American agenda — until they weren’t. I’ll get on the bandwagon as soon as they start working with the Democrats to save America from the Trump agenda.
I also note that just a few months ago these Dudes voted to confirm Jeff Sessions and other totally unqualified Trump Cabinet members, thus expanding and deepening “The Swamp.”
PWS
10-25-17