News & Politics

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

The vice president broke a 50-50 tie in the Senate.

Mitch McConnell
Photo Credit: Christopher Halloran / Shutterstock.com

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.

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Chris Sosa is the former Senior Editor of AlterNet. His work also appears in Mic, Salon, Care2, Huffington Post and other publications. Follow him on Twitter @ChrisSosa.