Senator schumer ok. Good morning. Im really proud to be joined my my colleagues today. We have senator leahy, senator franken, snorn warren, senator cortez masto and senator reed and we are expecting no one else. How do you like that . Ok. And the people behind me are among the leading defenders in the senate of reforms we put in place after the financial crisis. Many of them are architects of the strong Consumer Protections we have today. But now these reforms are under attack. As reports indicate, republicans are looking for votes to repeal the cfpbs forced arbitration rule. Passing this is the equivalent republicans handing out a getoutofjail free card to wells fargo and to equifax, plain and simple. These companies did terrible, terrible wrong and they want to prevent consumers from having rights to sue them . At is out rate ouge outrageous. Worse, its a green light to wall street to be free to were e to put simply, urging our republican colleagues to say no to immunity to equifax,
Last year wells fargo ceo Timothy Sloan came under congressional scrutiny after revelations the bank created millions of accounts without authorization from customers. Tuesday he gave an update on how wells fargo is addressing past wrongdoing and changing business practices. The searing will come to order. Before we begin let us remember that were still mourning those lives who are lost in our thoughts go to the courageous First Responders who put their lives on the line to save others. Both centers of nevada arse absent today because theyre in nevada. I know that senator heller and cortez are doing all they can there we will be reunited in prayer and support with them during this difficult time. Today will hear testimony from wells fargo chief executive officer. Over a year ago john testified in front of this committee on the bank bank account scandal and his handling of the fallout. Of the many issues emphasized during the Committee Members one was the need to hold executives account
The searing will come to order. Before we begin let us remember that were still mourning those lives who are lost in our thoughts go to the courageous First Responders who put their lives on the line to save others. Both centers of nevada arse absent today because theyre in nevada. I know that senator heller and cortez are doing all they can there we will be reunited in prayer and support with them during this difficult time. Today will hear testimony from wells fargo chief executive officer. Over a year ago john testified in front of this committee on the bank bank account scandal and his handling of the fallout. Of the many issues emphasized during the Committee Members one was the need to hold executives accountable and to ensure customers impacted will be made whole. He committed the bank would take necessary actions to make it right and restore the public and Investors Trust in the company. Incidents like these remind us how important it is to Institute Policies and procedures tha
You saw kentucky senator rand paul coming out and members of the Senate Republicans had their weekly conferences. Democrats, to but on the republic inside their meeting with President Trump for the first time up on capitol hill for one of these tuesday mornings. Were expecting comments from leaders shortly and the senate gaveling in momentarily. Cant bring those, live to you on cspan2 we are streaming them live online at cspan. Org. We will take you back to the next senate floor. Live coverage of cspan. Org. The presiding officer the senator from kentucky. Mr. Paul are we in a quorum call . The presiding officer the senate not in a quorum call. Mr. Paul okay. Id seek recognition. The presiding officer the senator from from kentucky. The senator recognized. Mr. Paul we currently have a 20 trillion debt, and you might ask yourself whose fault is it . Republicans or democrats . The easy answer is, both. Both parties are equally spock, equally both parties are equally responsible, equally
To limit the use of predispute forced arbitration clauses in contracts for Financial Services and products. I strongly oppose the Congressional Review Act resolution to dismantle this vital Consumer Protection. Forced arbitration clauses force individuals to sign away their right to go to court as a condition of buying a product or service, and they allow Corporate America to take advantage of a shadow Justice System that is inherently biased toward the corporation, offers no meaningful appeals process. To put it bluntly, these clauses serve one purpose and one purpose alone. To help make sure the giant corporations still come out on top if they have wronged consumers. Thankfully weve started to make some progress in addressing forced arbitration. Five years ago the Consumer Financial Protection Bureau began an intensive study of forced arbitration clauses in consumer Financial Services contracts for things like credit cards, savings accounts and private student loans. The study confir