Ohio's U.S. Sen. Brown Says Senate Sold-Out to Wall Street by Sidelining Arbitration Rule
U.S. Sen. Sherrod Brown is criticizing a Senate vote last night that will make it harder for consumers to sue financial companies. The rollback affects institutions like credit-card companies and banks, and lifts regulations by the Consumer Financial Protection Bureau on “forced arbitration” clauses that are able to stop class-action lawsuits.
Brown says the vote takes power away from ordinary Americans.
“It gives more wealth to the wealthy. It gives more power to the powerful. I don’t know how politicians could look hardworking Americans in the eye and explain that they chose to stand with Wall Street over them.”
Vice President Mike Pence made the tie-breaking vote, passing the measure 51-50.
Last month, Brown criticized credit-data company Equifax for having forced arbitration clauses that he said would block lawsuits following the company’s massive security breach. Equifax has since clarified the clauses do not apply in the case of the breach earlier this year.