Senate Grants Immunity to Financial Industry Rip-Offs, Scams and Abuses

Oct. 24, 2017

Senate Grants Immunity to Financial Industry Rip-Offs, Scams and Abuses

Statement of Robert Weissman, President, Public Citizen

Note: The U.S. Senate tonight voted to overturn to the U.S. Consumer Financial Protection Bureau’s arbitration rule.

Voting to allow banks and other financial institutions to rip off customers with impunity is a savage attack on American consumers. By voting to overturn the U.S. Consumer Financial Protection Bureau’s (CFPB) arbitration rule, Republicans in Congress are ensuring that predatory banks, payday lenders, credit card companies and other bad actors in the financial industry can steal from Main Street Americans.

As Public Citizen repeatedly has documented, the financial industry spends hundreds of millions every year on lobbying and campaign contributions to get their way in Congress. The Congressional Review Act resolution overturning the arbitration rule is a shameless payback to these interests at the expense of regular Americans.

If President Donald Trump wants to remain true to his promise to defeat cronyism, he should veto this resolution. But we’re not holding our breath, given that he has staffed his Cabinet and White House with Goldman Sachs and other Wall Street refugees.

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