True populist economics

Consumers are thisclose to getting back the power to take financial firms to court for unjust credit card fees, bait-andswitch loan terms and other shenanigans. And Congress, doing Wall Street’s dastardly bidding, is gearing up to stand in the way. Monday, the federal Consumer Financial Protection Bureau finalized a long-in-the-works rule. If allowed to take effect two months from now, it will ban fine print in contracts forcing people to turn to private arbitration, prohibiting class-action lawsuits in the courts over disputes related to banking and borrowing.

About time. These provisions make millions of consumers with complaints about fraudulent corporate practices succumb to secret tribunals under arbitrators handpicked by the very financial institutions that caused them their misery.

Which is exactly how Sen. Tom Cotton of Arkansas and a chorus of fellow Republicans intend to keep it. They would zap the rule using the Congressional Review Act, a law that allows reversal of agency rules within months after their issuance.

Already, the House and Senate have wielded the Congressional Review Act 14 times to reverse Obama administration rules on the environment, firearms, retirement plans and more.

Since it’s tough to fit “mandatory arbitration” on a sign — or explain the issue in a tweet — they apparently don’t fear backlash from Americans still smarting from episodes like Wells Fargo’s manufacturing of more than 2 million accounts secretly using customers’ personal information.

The exposure of that scam and resulting $100 million fine highlight the crucial work of CFPB and Director Richard Cordray since the agency’s 2013 launch, returning billions back to consumers.

While Congress trashes consumer relief, the Trump administration asks it to throw this cop off the beat, deeming in a recent review a single independent director with on-demand funding from the Federal Reserve far too big for his britches.

Used to be the government looked out for the little guy. Remember that?