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In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.

Senate Republicans voted on Tuesday to strike down a sweeping new rule that would have allowed millions of Americans to band together in class-action lawsuits against financial institutions. 
  
 The overturning of the rule, with Vice President Mike Pence breaking a 50-to-50 tie, will further loosen regulation of Wall Street as the Trump administration and Republicans move to roll back Obama-era policies enacted in the wake of the 2008 economic crisis. By defeating the rule, Republicans are dismantling a major effort of the Consumer Financial Protection Bureau, the watchdog created by Congress in the aftermath of the mortgage mess. 
  
 The rule, five years in the making, would have dealt a serious blow to financial firms, potentially exposing them to a flood of costly lawsuits over questionable business practices. 
  
 For decades, credit card companies and banks have inserted arbitration clauses into the fine print of financial contracts to circumvent the courts and bar people from pooling their resources in class-action lawsuits. By forcing people into private arbitration, the clauses effectively take away one of the few tools that individuals have to fight predatory and deceptive business practices. Arbitration clauses have derailed claims of financial gouging, discrimination in car sales and unfair fees. ||||| WASHINGTON—Congress overturned a rule by an Obama-appointed financial regulator that would have made it easier for consumers to sue banks in groups, with Vice President Mike Pence casting a tiebreaking vote in the Senate. 
  
 The 51-50 vote handed the financial industry its most significant legislative victory since President Donald Trump took office and was a rebuke of Consumer Financial Protection Bureau Director Richard Cordray, who pressed ahead with his agenda in defiance of Republicans. 
  
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Output:
A rule that would have offered consumers a powerful tool against financial institutions by allowing them to join together to sue saw its demise Tuesday night at the hands of Senate Republicans. The New York Times and Wall Street Journal report that, by a vote of 51 to 50 (with Vice President Pence as the tiebreaker), overturned a Consumer Financial Protection Bureau initiative started under former President Obama that would allow consumers to launch class-action lawsuits against banks and credit card companies instead of being pushed into private arbitration. "Tonight's vote is a giant setback for every consumer in this country," CFPB Director Richard Cordray said in a statement, noting that big players like Wells Fargo and Equifax can now basically do as they please without fear of major customer pushback. Cordray added: "Wall Street won and ordinary people lost." The CFPB, which emerged after the housing crash, says the rule that was set to take effect in 2019 would have offered consumers recourse against predatory practices. The Trump administration, however, has called the bureau "an agency gone rogue" and accused it of overregulation that hurts businesses and the economy. Critics of the CFPB rule, which would have barred financial institutions from being able to slip arbitration clauses into contracts with consumers that prohibit class-action suits, say arbitration is more efficient than duking issues out in court. The Times notes this vote can be filed under "win" for Republicans—a column that's been mostly empty in terms of major GOP legislative initiatives passed under Trump. Two Republicans sided with Dems in the vote: Lindsey Graham and John Kennedy. The measure now heads to Trump's desk; he's expected to give it the green light.