You know about Obamacare and his terrible handling of illegal immigration. But you might not know about the numerous laws that have allowed greedy lawyers wreak havoc on our financial institutions.
No surprise, then, that Mr. Obama, Mr. Lawyer himself, loved to see lawyers line their pockets off the backs of banks and businesses.
Now a new bill has just passed, with help of Vice President Pence, that will end at least one of these terrible laws.
From Town Hall:
The White House is welcoming a congressional measure killing the ability of millions of Americans to band together to sue bank or credit card companies to resolve financial disputes in a major win for Wall Street.
The Senate narrowly voted late Tuesday night to nullify the rule, with Vice President Mike Pence casting the final vote to break a 50-50 tie. The measure now goes to President Donald Trump for his signature.
“President Donald J. Trump applauds the Congress for passing,” the resolution, the White House said in a statement shortly after the vote that highlighted its own Treasury Department report criticizing the rule. “The rule would harm our community banks and credit unions by opening the door to frivolous lawsuits by special interest trial lawyers…”
The vote reflects the effort of the Trump administration and congressional Republicans to undo regulations that the GOP argues harm the free market.
Not all of us know the full extent of the damage caused by the Obama administration. It might take many years before all the terrible policies and laws from that era are overturned.
One more law giving lawyers the power to hamstring banks is not what we needed. Suing a back over minor problems or issues would inflict millions in legal fees, harming everyone else that uses that bank. The only people that win are the lawyers.
Anyone who has been a part of a class-action lawsuit know they result in small gains. You’re lucky if you got a few bucks for your trouble. The alternative, arbitration, allows a specific complaint to be resolved quickly and amicably.
There are better ways to handle problems with a bank that don’t require lengthy court battles. Thankfully this repeal will protect those institutions we all rely on.