Mike Pence casts tie-breaking vote to cancel Obama-era rule favoring class-action suits against banks
(Worthy News) – With Vice President Mike Pence casting the deciding vote, the Senate voted late Tuesday night to undo a rule issued by the Consumer Financial Protection Bureau that would bar financial firms from contracts that rule out class-action lawsuits related to their products. The measure now goes to President Trump’s desk.
Two Republicans, Lindsey Graham of South Carolina and John Kennedy of Louisiana, voted no, forcing Pence to break the tie.
The rule in question, commonly referred to as the forced-arbitration rule, was drafted during former President Barack Obama’s tenure and finalized in July by Bureau Director Richard Cordray, an Obama appointee. It prevents banks and other financial firms from including clauses in contracts that steer customers away from class-action suits and into private arbitration. [ Source: Washington Examiner (Read More…) ]