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Clinton Plans to Target Irresponsible Corporations and Banks When Elected

By October 3, 2016 at 11:14 am
Wells Fargo Bank (Photo : Justin Sullivan/Getty Images)

U.S. Democrat presidential candidate Hillary Clinton on Monday will reveal a plan to make it easier for citizens to file a lawsuit against what she calls as "bad corporate actors," citing Wells Fargo & Co and Mylan Pharmaceuticals as examples, according to Clinton's campaign official, Reuters reported.

Reports say that while campaigning in the Ohio region, the Democratic nominee will tell how she would, if elected in the oval office on Nov. 8, regulate the rise of "contractual clauses" which require consumers, employees and other individuals to resolve legal disputes out of court in private arbitration proceedings, her campaign said.

According to Reuters "mandatory arbitration clauses sometimes demand that claims be pursued on an individual basis instead of on behalf of a class of similarly situated individuals. Consumer advocates say this makes it prohibitively expensive to take legal action."

Clinton promises to call on the powers of the U.S. Congress to give empower agencies such as the Federal Trade Commission, the Federal Communications Commission and the Department of Labor the authority to limit the use of arbitration clauses in consumer, employment and antitrust agreements, according to a preliminary plan reviewed by Reuters.

Clinton also have plans to discuss how she believes that the Consumer Financial Protection Bureau and other agencies already have the authority to curb the use of such clauses under the 2010 Dodd-Frank Act.

Embattled bank Wells Fargo is expected to be the foremost target when Clinton discusses how she would curb mandatory arbitration clauses.
  
It was recently reported that for years, some of the bank's employees opened as many as 2 million checking, savings and credit card accounts without their customers' knowledge and permission in order to meet sales quotas. Wells Fargo reached a $190 million settlement with federal regulators earlier this month.

Clinton wishes to prevent this next time so that bank executives will be brought to justice.

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