Today, in response to the House passage of H.J. Res 111, a harmful Republican resolution that repeals the Consumer Financial Protection Bureau’s rule to protect consumers by restricting forced arbitration clauses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement:
“Forced arbitration benefits large corporations and Wall Street banks to the detriment of consumers. The Consumer Financial Protection Bureau’s rule helps to ensure that financial institutions are held accountable, and fully protects the legal rights of consumers, including servicemembers and veterans. Republicans have shamefully moved to nullify the Consumer Bureau’s good work, in a move that ultimately enables financial institutions to get off the hook when they commit wrongdoing, with less redress for consumers. This resolution steamrolls over the Consumer Bureau’s sensible rule, without regard for the harm that will result for American consumers and families.”
H.J. Res 111 was opposed by all House Democrats and one Republican.