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This week in 2017: The Senate Sided With Wall Street Over Consumers

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This week in 2017: The Senate Sided With Wall Street Over Consumers

A year ago this week, the Senate voted to repeal a rule that made it easier for Americans to sue their banks and credit card companies—a clear example of the GOP prioritizing Wall Street and big banks over consumers.

As Sherrod said after the vote, the rollback of this rule “will make the rich richer, and the powerful more powerful.”

Votes like these (which was 51-50) are a reminder of the fact that our elections have consequences. We have to send Sherrod back to the Senate, where he fights for consumers every day:

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CNN: Senate kills rule that made it easier to sue banks

Donna Borak and Ted Barrett – October 25, 2017

Key points:

  • Vice President Mike Pence cast the tie-breaking vote Tuesday night to repeal a rule that made it easier for Americans to sue their banks and credit card companies.
  • Senators passed the measure by a vote of 51-50, handing Wall Street its first major win since President Donald Trump took office in January.
  • Wiping out the rule would affect tens of millions of Americans who often don’t know they are covered by an arbitration clause when they sign up for a credit card, checking account or prepaid card.
  • Many companies tuck arbitration clauses into contracts as a way to resolve disputes outside the court system, making it harder for an individual to bring a case against a bank or credit card company.
  • Consumer advocates said the vote was a tremendous setback for Americans, and that it offered companies like Wells Fargo and Equifax “a get-out-of-jail-free card.”

Read more here.