Republicans are going to the well once more to block an Obama-era regulation through the special rule-erasing tool known as the Congressional Review Act.
GOP members of the House and Senate introduced legislation Thursday to undo the Consumer Financial Protection Bureau's newly-finalized arbitration rule through the special procedure.
By putting the resolution on President Trump's desk, Republicans hope to stop the bureau from liberalizing class-action lawsuits for financial products.
The rule in question would stop banks from utilizing what is referred to as mandatory arbitration, or the practice of including clauses in contracts for credit cards and bank accounts requiring that disputes be handled in private arbitration rather than through the courts.
Republicans say the rule is interference in the free market, and trial lawyers, rather than consumers, would benefit.
Earlier this year, Republicans succeeding in overturning 14 late Obama-era regulations using the Congressional Review Act, which allows for passage of resolutions with only 51 votes in the Senate.
Under Barack Obama appointee Richard Cordray, the bureau finalized the arbitration rule last week, defying the earlier expectations of some in the industry.
If Congress erases a rule through the CRA, the agency is prevented from writing a similar regulation in the future without authorization.
"The CFPB's anti-arbitration rule hurts consumers and it's another example of the problems caused by this rogue and unaccountable agency," said Keith Rothfus of Pennsylvania, the sponsor of the resolution in the House. Rothfus was joined by all the GOP members of the Financial Services Committee on the resolution.