Trump to sign legislation overturning arbitration rule

[DonViejo]

Source: Politico




The rule bans forced arbitration clauses in contracts.

By LORRAINE WOELLERT 10/31/2017 07:33 PM EDT

President Donald Trump will sign legislation overturning the CFPB’s mandatory arbitration rule Wednesday afternoon, according to a White House official.

The president’s decision comes despite a personal appeal from CFPB Director Richard Cordray and veterans’ groups, who opposed a congressional vote to overturn the consumer watchdog's rule using the Congressional Review Act.

The rule bans forced-arbitration clauses in contracts, making it easier for bank and credit card customers to sue to settle disputes. A banking industry representative applauded the news.

“The CFPB’s rule was never about protecting consumers; rather, it was about protecting trial lawyers and their wallets,” said Richard Hunt, chief executive officer of the Consumer Bankers Association. “The bureau’s own study backs that up and proves trial lawyers would have been the real winners.”

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Read more: https://www.politico.com/story/2017/10/31/trump-consumer-arbitration-rule-244396

[iluvtennis]

1. Just trying to erase al of President Obama's policies...what an asswipe

[benld74]

2. Effing liars ALL of them

[kimbutgar]

3. Of course, nothing says youre a man of the people than signing a bill to let banks rip you off

POS is such a swamp cretin.

[SCVDem]

4. Where are the media ads?

Why aren't we shoving these issues in everyones face connecting Trump and his REPUBLICAN enablers.

Show graphically how the gop is killing us. Show the pictures!

Time for another Xanax!

[NBachers]

5. As the Trump Cult Lunatics gibber and spasm with giddy throbbing revelry.

[Hulk]

6. Just like all repug story lines, there is some shred of truth to it

The trial lawyers ARE the ones who make out. I've dealt with them in the past, and they ALWAYS get their cut...sometimes, much more than the client. But of course the point is without the process, the banks can now freely rip off the public with ZERO consequences. If they were really so concerned about the trial lawyers getting rich off the arbitrations, they could easily have put limits on the lawyers take. But nooooooo....they toss the baby out with the bath water. Typical solution to these neanderthals.

[WinkyDink]

8. AS IF the wealthy never employ lawyers. That's just another "fool the rubes" ploy.

[Rollo]

7. I suppose they have a point...

In that the legal firms representing the class action generally get a lot more per lawyer than the public gets per consumer.

However, that misses the point: make screwing over consumers so costly that firms will toe the line to avoid lawsuits. Mandatory binding arbitration reduces the risk to the banks and credit card companies, with no commensurate benefit for the consumer. In fact it probably makes it more likely the companies will engage in gouging practices that hurt consumers, because they know they can afford an arbitration.

[Achilleaze]

9. republican draft dodger pisses on American people again

republicans are totally out to screw the American people. Disgraceful.

[turbinetree]

10. Hey Hunt FUCK YOU, its about the Seventh Amendment

and your organization is about as fascists as they come

here lets remind how your fucking malignant normality hedonist narcissistic, asshole president doesn't have one clue as to what the Seventh Amendment says, since he is a traitor and your organization is fascists

Amendment VII

In suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise reexamined in any court of the United States, than according to the rules of the common law.


And besides your malignant normality running your show, that is a traitor to boot, doesn't give one eye iota to veterans, just think of all the letters and phone calls he as made to those that have been killed since he has been in "command", prime example Niger