Republican Congress Votes To Protect Wall Street Tycoons
With the Republicans in control of all three branches of the federal government, we’re living in a strange alternative reality. Up is down. Left is right. Consumer financial protection will “harm consumers”.
No kidding. This is really what Donald Trump’s White House is saying. They’re claiming that allowing consumers to seek protection from Wall Street companies that cheat people out of their money hurts consumers “by denying them the full benefits and efficiencies of arbitration”.
The Trump White House wrote this absurd opinion in support of H.J. Res. 111, a bill that takes away Americans’ right to sue Wall Street investment firms that break the law and cheat their customers. H.J. Res. 111 destroys the Arbitration Agreements Rule, forcing people who are cheated by Wall Street to enter arbitration arrangements that give an unfair advantage to big investment companies. H.J. Res. 111 also allows Wall Street executives to withhold information about forced arbitration deals from the Consumer Financial Protection Bureau, making it impossible to ensure that consumers receive fair settlements.
Only one Republican had the moral strength to vote against H.J. Res. 111 – Representative Walter Jones from North Carolina. All the other House Republicans chose to side with wealthy Wall Street investment firms, against working Americans.
Tell me again about how Trump and the Republicans are the voice of working Americans. That’s such a funny story.