Pelosi Statement on Senate Vote to Dismantle Consumer Protections

Oct 27, 2017
Press Release

Contact: Ashley Etienne/Henry Connelly, 202-226-7616

Washington, D.C. – Democratic Leader Nancy Pelosi released this statement after Senate Republicans voted to roll back a key consumer protection safeguarding Americans’ right to sue credit card companies and banks.  The House- and Senate-passed bill will now go to the White House, where President Trump is expected to sign it:
“Last night, Republicans handed big banks a free pass to get away with fraud and abuse, and unjustly denied the American people their fundamental right to attain justice in court.  This massive victory for Wall Street shows a Republican Congress that continues to shamefully put the interests of big banks before the rights of the American people.
“Because of Republicans’ craven catering to Wall Street, millions of Americans may be forced into arbitration after being victimized by predatory financial companies.  Veterans, servicemembers and seniors will see the deck stacked even further against them.  This vote is the latest but not the last attack on the Consumer Bureau, which has returned nearly $12 billion to 29 million wronged Americans.
“While Republicans abandon American families to help out their Wall Street friends, Democrats will fight to give the American people A Better Deal, with better jobs, better wages and better futures.  We will fight to protect hard-working American consumers, and will fight to put the power back into the hands of the American people.”

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