Big Wall Street Banks Hate This Rule

By Al Franken and Elizabeth Warren, Al Franken's Facebook Page

28 September 17

As Senator, my job is to work for Minnesotans—not Wall Street CEOs and deep-pocketed bankers. And that’s why I’m going to fight back against an urgent threat to Americans' constitutional rights. At this very moment, financial special interest groups are gearing up to unravel a key consumer rule that defends people’s legal rights when they sign up for ordinary financial products like checking accounts and credit cards. Republicans in the Senate could take a vote as soon as this week to totally scrap the Consumer Financial Protection Bureau’s “forced arbitration” rule, which strengthens the ability of consumers to band together in class-action lawsuits after they’ve been wronged.

The big banks and financial institutions—including Equifax, the massive credit bureau that put 143 million Americans’ private information at risk—want to stop you from joining forces with other Americans to hold them responsible for their actions. That’s because when these guys mess up and try to cover their tracks, they know the only thing that can hold them accountable is your collective power as consumers.

We can’t let Wall Street get away with this one. I’m going to be standing up for the CFPB rule, and I sure hope you’ll join me.

or as long as I’ve been in the Senate, I’ve been fighting to end forced arbitration, which is a practice often used by big companies to strip Americans of their legal rights and prevent them from seeking justice in the court system. I strongly support a recently issued rule from the Consumer Financial Protection Bureau—or CFPB, for short—to help protect Americans' constitutional rights when they sign up for credit cards, checking accounts, or take out a payday alone, for example. Giant financial institutions and the big Wall Street banks hate this rule, because it means they won’t be able keep as many Americans locked out of the courts, and now they’re wielding their influence and power to get Congress to kill it. In fact, there was already a vote in the House of Representatives that took the first step towards dismantling the CFPB arbitration rule.

If we don’t push back, Wall Street could get its way. Thats why I'm ratcheting up the fight with my colleauge U.S. Senator Elizabeth Warren. I hope you watch our video, and join us in making your voices heard.