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US President Barack Obama listens as newly sworn-in Director of the Consumer Financial Protection Bureau, Richard Cordray, speaks in the State Dining Room of the White House July 17, 2013 in Washington, DC. Obama spoke about the recent confirmation of Cordray, as the Director of the Consumer Financial Protection Bureau who was sworn in earlier today. AFP PHOTO/Brendan SMIALOWSKI (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)

Senate Republicans, with Vice President Mike Pence breaking a 50-to-50 tie, voted Tuesday to strike down a new consumer protection rule. Five years in the making, it allowed millions of Americans to file class-action lawsuits against financial institutions.

The defeat of the rule further loosens regulation of Wall Street.  It is yet another step by the Trump administration and Republicans to roll back Obama-era policies. Policies enacted in response to the 2008 economic crisis caused by prior Republican led deregulation of Wall Street.

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