The GOP Just Blocked Americans from Filing Class Action Suits Against Predatory Banks

Republicans in the U.S. Senate held a vote late Tuesday to overturn a new regulation that would have permitted class-action lawsuits against credit card companies and large banks.

Every Democrat voted against the move, in an effort to keep the measure written by the Consumer Financial Protection Bureau. Only two Republicans crossed the aisle to support keeping the Consumer Financial Protection Bureau regulation: Sens. Lindsey Graham (SC) and John Kennedy (LA).

Vice President Mike Pence cast the tie-breaking affirmative vote to overturn the regulation, which was set to go into effect in 2019.

Senate Minority Leader Chuck Schumer (D-NY) issued a blistering statement against his Republican colleagues.

“A yes vote is saying that you believe that Americans who get taken advantage of don’t have the right to seek recourse," he said. "A yes vote tells rapacious financial institutions that they can continue to hose consumers without any serious consequences or accountability because we all know average folks don’t have the ability to go to court on their own and sue.”

President Donald Trump is expected to sign the measure without hesitation.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.