Senate votes to kill new rule allowing class-action lawsuits against banks

[L. Coyote]

Source: LA Times

The Senate voted Tuesday night to kill a controversial rule that would have allowed Americans to file class-action suits against banks instead of being forced in many cases into private arbitration.

The move by the Senate followed a similar action by the House in July to rescind the rule. President Trump is expected to sign the repeal legislation, providing a major victory for the financial industry.

Vice President Mike Pence cast the deciding vote after the Senate tied 50-50. All but two Republicans — John Kennedy of Louisiana and Lindsey Graham of South Carolina — voted to repeal the rule. No Democrats or independents supported the move.

The White House said Trump “applauds” Congress for voting to repeal the rule, .....

Read more: http://www.latimes.com/business/la-fi-arbitration-rule-senate-20171024-story.html

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Link to tweet

Link to tweet

[SHRED]

1. Flake, Corker, and McCain talk tough

But that's all they do.

[msongs]

2. as santa says, ho ho ho nt

[C Moon]

3. Just like old times...

[Judi Lynn]

4. Utterly without conscience. Monsters. They will lose, in the end. n/t

[riversedge]

5. Billions cut from #Medicaid and #Medicare! Now a bailout for Wallstreet! Pence broke the tie vote

on this one!

10/24/2017 11:58 pm ET
Senate GOP Gives Huge Gift To Big Banks, Stripping Consumers Of Right To Sue As Group

https://www.huffingtonpost.com/entry/senate-class-action-arbitration-big-banks_us_59f00188e4b0b7e63265c47e?ncid=inblnkushpmg00000009


“How horrible, how horrible that people might have the ability to come together and hire a lawyer,” Sen. Chuck Schumer says after the vote.


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........................................

[Achilleaze]

6. Thanks a diaper-load republicans

republicans shall live in infamy for what they and the russians have done to Americans.

[mdbl]

7. Next up,, food labeling and food safety laws

they've been trying to get rid of those too. Idiot voters better wake up and realize they voted for a bunch of religious heathens that don't have any of their interests in mind.

[safeinOhio]

8. Just go ahead and delete the 7th Amendment and

issue licenses to steal.

[Bernardo de La Paz]

9. Trumpanzees have been badly hurt by those banks. Remind them of it. Drain the swamp?

Trump filled the swamp with Goldman-Sachs bankers and other billionaires.