Thursday's D3 Daily Action: Let your friends, family, and neighbors know about the favor Congress just did for the big banks.
Remember the Wells Fargo 3.5 million fake accounts scandal?
The Equifax data security breach that left nearly 150 million Americans vulnerable to identity fraud?
The whole insider-trading casino capitalism credit default swap housing bubble kerfuffle that tanked the economy, wrecked millions of Americans' savings, and robbed many millennials of their first decade of career opportunity?
Congress remembers. And they just made it harder for working people to sue the next time it happens.
Vice President Mike Pence visited the Senate to cast the deciding vote (yes, that's something veeps can do) on a measure that allows credit card companies and banks to force consumers into mandatory individual arbitration agreements.
A mandatory individual arbitration agreement means that, should consumers wish to impugn an institution for financial or other harm, they must do so through an arbitrator appointed by the institution -- not through a courtroom judge or jury or, critically, through a class action lawsuit. Class action lawsuits are the most accessible recourse to justice when millions of people are harmed in amounts too small to enable them to take legal action by themselves, and that's why they're so important -- as a hedge against large-scale malfeasance or neglect by large companies.
The Consumer Financial Protection Bureau, created in the wake of the financial crisis, issued a rule in July that barred banks and credit card companies from forcing customers into just this kind of mandatory individual arbitration.
But Republicans in Congress and the Senate weren't having it. They even resorted to an arcane rule that had only been used once in history before the current administration.
At D3 Indivisible, we are committed to informing and empowering our neighbors on key topics in consumer protection and legal rights. Please join us today in sharing this news with friends, family, and neighbors.
Stay Strong America.