title:  President Obama Restores Consumer’s Rights To Sue The Big Banks For Misconduct, Cracks Down On Tax Evasion
text: This is something you won t hear on Fox News anytime soon: President Obama is making the lives of honest, hardworking consumers a little better by allowing them to, again, sue big banks for misconduct.Working through the Consumer Financial Protection Bureau, the Obama Administration quietly pushed for new regulations that force the biggest financial institutions to backtrack on a secret clause hidden in contracts that hinders arbitration from consumers who feel they are victims from credit and banking misconduct.Meaning, if the big banks and credit card companies screw you over, you can take them to court and make them pay (finally) for their mistakes. No more stonewalling. No more  too bad, so sad. The new rule clearly states:Pursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203), the Bureau of Consumer Financial Protection (Bureau) is proposing to establish 12 CFR part 1040, which would contain regulations governing two aspects of consumer finance dispute resolution.  First, the proposed rule would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action with respect to the covered consumer financial product or service.  Second, the proposal would require a covered provider that is involved in an arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau.Night and day. No more B.S. Once again, Elizabeth Warren s brainchild is swooping in to protect the people most preyed upon by greedy conglomerates.And it only gets better.The Obama Administration is also directing the Treasury to crackdown heavily on U.S. companies that take advantage of tax inversions, where they buy a company in a foreign country for a lower tax rate and then use those foreign resources to skip out on paying their fair share back here in the U.S., which costs our economy billions.According to Vox:The new rules announced on April 4 are different because they specifically target the most lucrative part of an inversion    earnings stripping  tactics, whereby the strategic use of debt and interest payments are used to transfer profits from a US-based subsidiary to a foreign-based one.Both of these new rules, at the behest of a Democratic administration, will put a dent in the money making machine of big banks who skirt the rules and screw over the people for an extra buck. Economist and tax expert Robert Willens told the Wall Street Journal that this new rule will take  all of the juice out of inversions. These new rules already are threatening the mega-merger of pharmaceutical conglomerates Pfizer and Allergan, which stands to make over $150 billion, the largest merger of its kind.Still think both parties are the same? While the GOP just picked a liar and a financial cheater as their nominee, the Democrat s two-time picked candidate is working to bring money back to the Treasury and the pockets of the people.Thank you, President Obama!Featured image via Bill Pugliano/Getty Images