Arbitration Rule Overturned by Senate
On October 24th, the Senate voted 51-50 to strike down the Consumer Financial Protection Bureau’s new Arbitration Rule, with Vice President Mike Pence casting the tie-breaking vote. Back in July the House of Representatives also rejected the Arbitration Rule. The Arbitration Rule would have prohibited financial institutions from including mandatory arbitration provisions in contracts. The fate of the Arbitration Rule is now in the hands of the President, who is expected to sign the law which kills the rule.