Why Sen. Murkowski Voted to Give Companies like Wells Fargo and Equifax a Free Pass on Bad Behavior

Alaska Senator Had 2 Million Reasons to Gut CFPB’s Rule on Forced Arbitration and None Were a Benefit to Consumers


WASHINGTON, D.C. –

Following yesterday’s late-night vote in the Senate to repeal the Consumer Financial Protection Bureau’s (CFPB) rule protecting consumers from forced arbitration, many are left wondering why Sen. Lisa Murkowski (R-AK) would cast the final, deciding vote siding with big banks and bad actors like Wells Fargo and Equifax over Alaska consumers.

The deciding vote (the Senate voted 50-50 and Vice President Mike Pence broke the tie), Murkowski was publicly undecided on the issue for weeks, refusing to divulge how she planned to vote. Last night she made no speech during debate on the repeal legislation – instead she quietly cast the final, deciding vote and left the Senate floor. Today she has yet post a statement on her official website or social media accounts.

It turns out, Sen. Murkowski had at least 2 million reasons to strip Alaskans of their right to take big banks and other financial predators to court when they are screwed over.

Murkowski Has Taken Nearly $2 Million from the Financial Industry and Tens of Thousands from Scandal-Ridden Equifax and Wells Fargo — Each Company Opposed the CFPB’s Rule and Used Forced Arbitration When Massive Data Breaches and Systemic Fraud Were Uncovered.

Murkowski Owned as Much as $250,000 in Wells Fargo Stock (and Her Parents Owned Up To $5 Million in Wells Fargo Securities)

  • As Recently as August, Murkowski Owned $100,000-250,000 in Wells Fargo Stock. In 2016, Lisa Murkowski owned at least $100,000 and as much as $250,000 in Wells Fargo stock. The disclosure was filed in August 2017. [Lisa Murkowski, Personal Financial Disclosure, 08/09/17]
  • Murkowski’s Parents Owned $1-5 Million in Wells Fargo Securities. “Sen. Murkowski also owns between $15,000 and $50,000 worth of shares in Wells Fargo, previously National Bank of Alaska. Her parents own between $1 million and $5 million of shares in Wells Fargo, which earned them between $50,000 and $100,000 last year.” [“Filing discloses Sen. Murkowski’s finances,” Associated Press, 04/22/03]

How Forced Arbitration Impacts Alaska:

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

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