Pence Vote Strikes Down Consumer Rule

“Senate Republicans voted to strike down a sweeping new rule that would have allowed millions of Americans to band together in class-action lawsuits against financial institutions,” the New York Times reports.

“The overturning of the rule, with Vice President Mike Pence breaking a 50-to-50 tie, will further loosen regulation of Wall Street as the Trump administration and Republicans move to roll back Obama-era policies enacted in the wake of the 2008 economic crisis. By defeating the rule, Republicans are dismantling a major effort of the Consumer Financial Protection Bureau, the watchdog created by Congress in the aftermath of the mortgage mess.”