After nine months of struggling to deliver on their legislative priorities, Senate Republicans found unity Tuesday when they overturned a rule that makes it easier for Americans to sue banks and credit card companies. The rule was developed by the Consumer Financial Protection Bureau and would have allowed people to file class action lawsuits that could have cost the banks billions of dollars. We get an update from Public Citizen’s Amanda Werner, who recently dressed as Rich Uncle Pennybags, with a top hat and monocle, and sat directly behind former Equifax CEO Richard Smith when he testified about a security breach that left sensitive personal information for 143 million Americans exposed to hackers.
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NERMEEN SHAIKH: After nine months of struggling to deliver on their legislative priorities, Senate Republicans found unity this week when they overturned a rule that would have made it easier for Americans to sue banks and credit card companies. The measure passed with Vice President Mike Pence breaking a 50-to-50 tie. This is Senator Sherrod Brown speaking just before the vote Tuesday night.
SEN. SHERROD BROWN: The vice president of the United States is here. It looks like Equifax and Wall Street and Wells Fargo will win again. The vice president only shows up in this body when the rich and the powerful need him.
NERMEEN SHAIKH: Republican Senators Lindsey Graham and John Kennedy of Louisiana broke with their party to vote against the measure, which now heads to President Trump, who is expected to sign it. The rule, developed by the Consumer Financial Protection Bureau, would have allowed people to file class action lawsuits that could have cost the banks billions of dollars. It was set to go into effect next year. Senator Elizabeth Warren said Tuesday the vote represented, quote, “a giant wet kiss to Wall Street.”
SEN. ELIZABETH WARREN: Millions of Americans, of all political parties, think the game in Washington is rigged against them. And this…