A Desperate McConnell Attempts to Whip Votes to Let Equifax and Wells Fargo Off the Hook

Senate Republican’s Agenda Running on Life Support

Washington, D.C. — Recent reports indicate that after failing again to pass healthcare repeal, Senator Mitch McConnell (R-KY) has decided to take his frustration out on essential consumer protections by repealing new rules that could hold financial institutions like Equifax and Wells Fargo accountable when they take advantage of consumers. The Consumer Financial Protection Bureau’s (CFPB) Arbitration Rule, which Senate Republicans are fighting to repeal, would protect consumers who have been taken advantage of by big banks and other financial interests from being forced into secret arbitration tribunals where industry-stacked panels call the shots and consumers hardly stand a chance.

McConnell’s leadership team is busy trying to whip votes for the ruling. But things aren’t looking good:

It’s clear McConnell is frustrated with his party’s failure to pass any legislation, but ripping off consumers to get a cheap win isn’t the way to repair his bruised reputation. Passing this bill would allow companies like Equifax and Wells Fargo to continue taking advantage of consumers without accountability,” said Karl Frisch, Executive Director of Allied Progress.

He continued, “With so many Republicans already on the fence about repealing the CFPB’s arbitration rule, McConnell and members of his caucus should think twice before putting this up for a vote.”

Allied Progress recently launched a six-figure ad campaign in Alaska, Arizona, Louisiana, Maine and Ohio calling on Senators Lisa Murkowski, Susan Collins, Rob Portman, John McCain and John Kennedy to block legislation efforts to repeal the Arbitration Rule.

To speak with Karl Frisch about the CFPB’s arbitration rule, please contact Annette McDermott at annette@alliedprogress.org or 202-697-4804.

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Allied Progress uses hard-hitting research and creative campaigns to stand up to Wall Street and powerful special interests and hold their allies in Congress and the White House accountable.

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