Tom Perez on GOP vote to Roll Back Consumer Protection Rule

DNC Chair Tom Perez released the following statement after House Republicans voted to roll back an Obama-era rule that empowered consumers to file class action lawsuits against big banks and credit card companies:

“Not a week goes by where Republicans aren’t punishing the American people so they can increase Wall Street profits. This is the just the latest action by Republicans in their ongoing efforts to cripple an agency that has returned almost $12 billion to the pockets of 29 million workers and retirees.

“Forced arbitration takes away consumers’ legal rights and makes it harder for the CFPB to safeguard Americans’ financial interests. Democrats will not sit on the sidelines while insatiable Wall Street greed swallows up the American worker’s hard-earned dollar.”