Our Response to Senate Vote Blocking Rule That Would Restore Consumer’s Right To Take Financial Bad Actors To Court.

Now more than ever, we need to stand up for the Consumer Bureau and keeping Wall Street in check. 

On Tuesday, October 24, Vice President Pence broke a 50-50 deadlock in the Senate, overturning the Consumer Financial Protection Bureau’s rule banning mandatory arbitration clauses. This rule would have prevented financial firms from using small-print in contracts that prevent class action lawsuits, which make it nearly impossible for consumers without the financial resources to take on big banks.

This vote leaves all of us open to being tricked into unfair forced arbitration practices which are designed to favor Wall Street over working Americans. 

At Fair Share, we’re helping people stand up for an economy that works for all of us, and where everyone plays by the same rules. We support the Consumer Bureau because it’s set up to watch out for predatory and deceptive behavior in the financial industry. But the Trump administration and many Senate Republicans are still working to restructure and even disband the Consumer Bureau which would make it more difficult to hold financial bad actors accountable. 

Fair Shair’s Phoenix Trent stated: 

“This vote has left everyday Americans open to financial tricks from Wall Street without the ability to hold them accountable in court. 

But we can’t let this vote defeat us. Now more than ever, we need to defend the Consumer Bureau, and make sure that the American people have the tools they need to take on banks and address dishonesty in the financial system.”

Take action to keep wall street in check and defend the Consumer Financial Protection Bureau today.