Stop Trump and GOP From Shielding Big Banks From Cheated Customers

Target: Donald Trump, President of the United States

Goal: Don’t shield large banks from accountability for wrongdoings.

The Republicans in Congress just voted down a rule that would have barred financial institutions from forcing their clients to waive their access to courts. Mandatory arbitration clauses are typically buried in the fine print of contracts for everyday financial services like savings accounts and credit cards. Under these clauses, customers are required to surrender their right to pursue legal action against their bank, and instead must resolve disputes through out-of-court arbitration. Critics argue these arrangements leave customers with virtually no ability to hold their own banks accountable, and empower large financial institutions to act without fear of litigation.

Under the recent vote banks will be allowed to force their customers to give up their right to legal redress. Republicans overwhelmingly supported the move, along with the White House.

“This bill is a giant wet kiss to Wall Street. Bank lobbyists are crawling all over this place, begging Congress to vote and make it easier for them to cheat consumers,” Democratic Senator Elizabeth Warren stated ahead of the vote.

If you think you should be allowed a day in court if your bank cheats you, sign this petition demanding the president endorse a revival of the ban on mandatory arbitration clauses for financial institutions.

PETITION LETTER:

Dear President Trump,

You came to office on a wave of promises of draining the swamp and cracking down on Wall Street. Instead, you just handed Wall Street a major victory at the expense of American consumers. You and your Republican allies in the Senate just killed a rule that would have banned financial institutions like banks and credit card companies from forcing customers to swallow mandatory arbitration clauses.

These clauses strip clients of their rights to sue their financial institutions, and leave them with no avenue for redress– except, of course, through pro-business arbitration procedures. This is a direct, shameless assault on ordinary Americans, and a massive payday for the big banks. Your own Treasury Department has admitted the move will save financial institutions over $500 million in legal fees, while preemptively killing off an estimated 3,000 class action lawsuits.

At this point, you have two options: either admit your presidency’s goal is to damage the lives of average Americans, or take a stand and demand a ban on mandatory arbitration clauses for financial institutions. We call on you to do the latter.

Sincerely,

[Your Name Here]

Photo Credit: Iowa Evan

Sign the Petition

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11 Comments

  1. Gen Lovyet Agustsson says:

    impossible to drain the swamp. stop corruptions and lies. stop making money.

  2. Banks will always milk easy targets, those with money will fight back. So there needs to be a department for “ordinary” people to get free help/advice and Trump needs to listen

  3. Paulette Mirfield says:

    I agree with everything in the letter…except ‘president’. I have little to no hope he listens, not even if every single voter signed it. He is only concerned with himself first and foremost, followed by his cronies. The public won’t even come in a distant third – we don’t matter.

  4. Wendy Morrison says:

    IMPEACH TRUMP is the best way to deal with him in my opinion!

  5. As long as Pence goes too

  6. Ofra Gordon says:

    Where were you when Obama let more than this bs go on? Corzine sound familiar. You’ll get more support when you stand for principals and are consistent rather than partisan bs

  7. Every political move is a lesson.
    If you do not like it, literally make a note, get friends involved, and at the next election bring up this issue.
    Make wiser choices when voting!

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