For years, big banks and other financial institutions have gotten away with stealing your right to sue them in court for wrongdoing. By inserting arbitration clauses into the fine print, they have forced challenges against wrongdoing out of the courts, into a process that is rigged in their favor and prevents people from banding together.
But just this week, the Consumer Financial Protection Bureau – the watchdog agency that is the brainchild of Sen. Elizabeth Warren – issued a rule that said that banks can no longer block the door of the courthouse and evade justice when they break the law.
Within hours, a top Senate Republican introduced legislation to kill that rule and protect the status quo. If these Republicans succeed – and they are under big pressure from Wall Street to block this rule – this won’t be a temporary setback. This fundamentally unfair and undemocratic practice that keeps Wall Street from being held legally accountable for its actions would be permanently locked in.
Sign this petition and send a clear message to Congress that we stand with the CFPB and demand that the government protect working-class people, not Wall Street billionaires.
Photo Credit: Nick Youngson, Creative Commons.
Dear Congress: Keep the CFPB arbitration rule and protect our right to challenge corporate wrongdoers in court.