Heartfelt speeches aside, keep in mind that all of these people very much do not care about you.
The Intercept - After Day Of Feuding, Jeff Flake And Bob Corker Join Trump To Upend A Major Consumer Protection
WITH NATIONAL ATTENTION focused Tuesday morning on a mushrooming feud between President Trump and Sen. Bob Corker, R-Tenn., followed by a feud in the afternoon between Trump and Sen. Jeff Flake, R-Ariz., the Senate gift-wrapped the biggest present Congress has so far bestowed upon Wall Street in the Trump era.
With a razor-thin margin, the Senate passed a resolution to nullify a signature regulation from the Consumer Financial Protection Bureau, which banned forced arbitration provisions. Such clauses, tucked into the fine print of contracts that nobody reads, deny consumers the ability to contest claims through a class-action lawsuit, and can allow banks and other financial institutions to rip off their customers with virtual impunity.
Both Sens. Corker and Flake, along with Sen. John McCain, R-Ariz., joined in the effort to give Trump a major win, even if it will hurt many of his own voters. Consumer advocates had hoped that moderate Republicans Lisa Murkowski of Alaska and Susan Collins of Maine would block the GOP effort. They did not.
Only GOP Sens. Lindsey Graham of South Carolina and John Kennedy of Louisiana bucked their party — but a no vote when the measure passes is not much of a bucking. In a sign of how far the Democratic Party has come in recent years, all 48 members of the Senate caucus voted to keep the arbitration rule.
The vote was split 50-50, which required Vice President Mike Pence to break the tie.
The House passed its version of the resolution within just a couple weeks of CFPB finalizing the rule in July. But continuing reports of petty consumer fraud at Wells Fargo, and a data breach of over 140 million customer accounts at the credit reporting bureau Equifax, made it difficult for the Senate to proceed. Both Wells Fargo and Equifax have attempted to use arbitration clauses in their financial contracts to force victims out of class-action litigation.
The scandals put a human face on the practice of companies forcing customer disputes through a secret, non-judicial process. Days before the vote, Americans for Financial Reform addressed this directly in a video featuring a disabled woman and a veteran who were ripped off by Wells Fargo and then prevented from a day in court because of an arbitration clause: