Tag Archives: House Financial Services Committee

‘Most Brazen Corporate Wrongdoer Maneuvers in Memory’: Equifax Forces Potential Victims to Give Up Legal Rights

Sen. Elizabeth Warren (D-Mass.) calls data breach “Exhibit A for why we must stop GOP from reversing the CFPB’s rule protecting your right to join class actions”

By Andrea Germanos, staff writer for Common Dreams. Published 9-8-2017

“It is despicable that Equifax would exploit consumers’ need for identity theft monitoring to avoid accountability for this devastating breach,” said Amanda Werner, arbitration campaign manager at Public Citizen and Americans for Financial Reform. (Photo: GotCredit/flickr/cc)

Not only did Equifax suffer a massive data breach that potentially compromised the personal data of up to 143 million in the U.S. and then wait 6 weeks to inform the public—the credit-reporting company is directing those who want to know if they were a victim of the breach to a service that forces them into a “rip-off clause” that makes them give up their right to file or join class-action lawsuit against the company.

Robert Weissman, president of advocacy group Public Citizen, called it “one of the most brazen corporate wrongdoer maneuvers in memory.” Continue reading

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How Much to Buy a Congressional Vote? New Research Seeks Answer

Looking at Democrats who stopped supporting banking rules, authors conclude: ‘Substantial numbers of legislators sell out the public interest in exchange for political money’

By Lauren McCauley, staff writer for Common Dreams. Published 5-3-2017

Campaign finance reform advocates protest outside the Capitol building in Washington D.C., 2011. (Photo: takomabibelot/cc/flickr

While it is conventional wisdom that money influences politics, researchers released a report Tuesday aiming to answer the longstanding question of exactly how much political spending it takes to sway a Congressional vote.

Fifty Shades of Green (pdf), published by the Roosevelt Institute, analyzes “the role political finance has played in securing the privileged positions of both high finance and big telecom” by examining how lawmakers evolved in supporting efforts to weaken the Dodd-Frank financial reform bill and net neutrality. Continue reading

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