Rep. Meeks Rails Republican Passage of Resolution to Repeal Forced Arbitration Rule

Rep. Meeks Rails Republican Passage of Resolution to Repeal Forced Arbitration Rule

Washington, D.C.—Today, after the Senate passed a Joint Resolution to repeal the Consumer Financial Protection Bureau's (CFPB) rule to protect consumers by restricting forced arbitration clauses, Senior Member of the Financial Services Committee, Congressman Gregory W. Meeks, released the following statement:

"The CFPB's rule restricting forced arbitration clauses empowered consumers and it is deeply unfortunate that Republicans are getting rid of it. The Consumer Bureau's rule curbed the ability of bad-acting financial institutions to avoid litigation, so that they could be held accountable in a court of law. Without this tool, consumers will not be able to pursue class-action lawsuits against financial institutions who have wronged them, stripping consumers of their bargaining power, and limiting consumers' avenues for recourse.

"It is disappointing but unsurprising that years after the 2008 financial crisis devastated the world's economy, Republicans have voted in favor of letting culpable companies off the hook. In the David and Goliath relationship between consumers and massive financial institutions, Republicans clearly favor the latter."