Republicans in Congress have betrayed consumers
Any lingering question as to who Republicans really represent was definitively answered on Oct. 24. The Senate, in a vote opposed by every Democrat and Independent, requiring Vice President Pence to cast a vote to break the 50-50 tie, passed the bill to roll back banking rules in the Consumer Financial Protection Bureau. That bill repeals the ban on mandatory arbitration clauses in financial agreements, effectively disarming consumers in any dispute over wrongdoing with banks, credit card and other financial institutions by eliminating consumers’ right to sue or to join class-action lawsuits.
That will enable another bank like Wells Fargo to ignore complaints about illegal practices such as those for which it was recently punished. No doubt, thousands of champagne corks popped all along Wall Street and in bank boardrooms in celebration. Concurrently, millions of Americans were effectively kneecapped in any valid disputes they may have with their bank, broker or any other financial institution.
We are taught that in our political system, Congress members are supposedly elected to represent the constituents with one man, one vote. This vote, however, proves beyond any doubt that those Republican senators are actually laser focused on proving to their major campaign contributors that those massive investments in campaign contributions have paid off and that they are worthy of being financed again when they run for re-election. As for the constituents in their districts, and the protection of consumers in the public, good luck!