Senate Kills Obama-Era Financial Rule

The Daily Caller discusses the repeal of the CFPB anti-arbitration rule with Ted Frank.

The Senate narrowly laid to rest a Consumer Financial Protection Bureau (CFPB) rule late Tuesday evening that allowed consumers to band together to sue banks, financial institutions and credit card companies.

Vice President Mike Pence broke 50-50 tie Tuesday evening at 10:11 p.m., securing the first major deregulatory roll-back of President Donald Trump’s presidency.

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Libertarian-leaning organizations, like the Competitive Enterprise Institute in Washington, also chalked the vote up as win.

“By voting down the Consumer Financial Protection Bureau’s anti-arbitration rule, the Senate today prevented a cash grab that would have transferred wealth from consumers to the pockets of wealthy attorneys,” Ted Frank, director of the Competitive Enterprise Institute’s Center for Class Action Fairness, said in a statement to The Daily Caller News Foundation.

“CEI’s attorneys have won over $100 million for class members fighting against class-action abuse, but far too few courts provide the protection for consumers that the law requires. Because of this, it is important for consumers to have the choice that the Senate helped protect today,” Frank said.

Read the full article at The Daily Caller.