Reich writes: "The Senate voted 51 to 50 to repeal the Consumer Financial Protection Bureau’s rule banning mandatory arbitration clauses in financial contracts."
Former Clinton Labor Secretary Robert Reich. (photo: Steve Russell/Toronto Star)
Here's the Difference Between Republicans and Democrats
29 October 17
n Wednesday, the Senate voted 51 to 50 to repeal the Consumer Financial Protection Bureau’s rule banning mandatory arbitration clauses in financial contracts. It’s a big win for Wall Street and Treasury Secretary Steve Mnuchin (actually they’re the same thing). And a big loss for consumers.
Mandatory arbitration clauses, usually tucked into the fine print of contracts with banks and other lenders, deny consumers the right to go to court or join with other consumers in class actions lawsuits.
Sadly, Senators Bob Corker, Jeff Flake, John McCain, Lisa Murkowski, and Susan Collins all voted for this awful bill. Senate Democrats all voted against it.
When people tell you there’s no difference between Republicans and Democrats in Washington, don’t believe them.
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