The Senate Voted to Make It Harder to Sue Banks
- Republicans use Congressional Review Act to scrap regulation
- Reversal is big win for banks in war against post-crisis rules
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The U.S. Senate moved Tuesday to overturn a rule aimed at making it easier for customers to sue banks, handing financial firms a big win in their battle against post-crisis regulations.
Majority Republicans pushed through a reversal of Consumer Financial Protection Bureau limits on mandatory arbitration in a 51-50 vote. Vice President Mike Pence was called in to cast the tie-breaking vote. The move using Congress’s power to overturn agency rules follows a similar vote by the House in July.