An organization representing millions of veterans spoke up loudly on Thursday, urging Donald Trump to veto Republican legislation that would kill a rule that makes it easier for consumers to fight financial institutions.
In a statement, the American Legion blasted the new anti-middle-class GOP measured, saying it “strips servicemembers and veterans of vital financial protections.”
“Every servicemember and veteran should have the right and responsibility to confront predatory loan practices,” American Legion’s Denise Rohan said in a statement.
“We will not be silent while banks and payday loan shops rip off servicemembers and veterans,” she added.
Despite the outrage of millions of Americans and, now, the staunch opposition of the world’s largest veterans organization, Trump is expected to sign the measure into law anyway.
As a result, as The Hill noted on Thursday, “consumers are likely to have to enter into mandatory arbitration clauses with financial institutions, meaning that they must settle disputes in arbitration rather than in court.”
As the American Legion added in its statement, “Repealing the CFPB arbitration rule takes away consumers’ most effective tool to protect themselves against predatory lenders.”
In other words, this is a huge win for big banks and credit card companies and a massive loss for everybody else.
Throughout the 2016 campaign, Donald Trump repeatedly promised to be the best president for veterans and for the “forgotten men and women” of the country. If he signs the bill into law as expected, both of those promises will be shattered into a million pieces.