Once again 10th Congressional District Representative, Patrick McHenry, is more concerned with his wallet than his Constituents in the 10th Congressional District.
In 2016, Patrick McHenry (R-NC) received $2.1 Million from the financial sector in campaign contributions.
Here’s what Senator Elizabeth Warren had to say about this bill.
The CFPB rule targets clauses that are often buried in the fine print of contracts that consumers sign when they get credit cards or open checking accounts. The language bars customers from banding together to file class-action suits, instead requiring them to settle disputes through arbitration. Companies would have to remove such clauses from contracts by March.
“This bill is a giant wet kiss to Wall Street. Bank lobbyists are crawling all over this place, begging Congress to vote and make it easier for them to cheat consumers,” Senator Elizabeth Warren, the Democrat from Massachusetts who led opposition to the bill, said before the vote.
So, in other words if a bank or any other financial institution rips off, let’s say 100,000 people, you can no longer enter into a class action lawsuit with all of those people. Instead, you will have to file individually for arbitration against the company. What are the chances that 100,000 individuals will file arbitration papers? Almost zero.
This means that banks and other financial institutions will be able to keep most of their ill-gotten gains.
Thank you Republican Congressman, Patrick McHenry for looking out for yourself and your corporate fatcat overlords and not the people who voted for you.
Want to read more about all the things Republican Patrick McHenry has not done for you? Click below.