Senate Republicans and Trump Administration Try To Strip Middle Class Consumers of Key ​Economic ​Protection

American Bridge spokesperson Andrew Bates released the following statement regarding Senate Republican efforts to overturn the Consumer Financial Protection Bureau’s rule prohibiting the use of “forced arbitration,” which has been used to prevent millions of hardworking Americans from accessing their full legal rights after being defrauded:

“Job growth has declined under Donald Trump, premiums are increasing because he’s undermining the ACA, and now Senate Republicans are trying to eliminate a key consumer protection rule that stops Wall Street banks and other financial institutions from denying basic legal rights to victims of fraud. Helping large businesses like Wells Fargo and Equifax avoid responsibility when middle class families are ripped-off is the exact opposite of ‘draining the swamp.’ This is the latest proof that Trump and Republicans are selling-out struggling Americans.”

Wall Street’s top lobbying organization, the banking industry, and payday lenders having been advocating for the Trump Administration and congressional Republicans to undo this rule.