Waters Blasts Republican Passage of Resolution to Repeal Forced Arbitration Rule
Today, in response to Senate passage of a Joint Resolution to repeal 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:
“Earlier this year, the Consumer Financial Protection Bureau issued an important rule to prohibit forced arbitration clauses in consumer contracts for financial products. These clauses, which are buried deep in the fine print, benefit large corporations and Wall Street banks and hurt consumers. As it has consistently done, the Consumer Bureau took strong action to make our financial marketplace fairer and more transparent by banning the practice. But now, in a huge gift to Wall Street, Republicans in Congress have stepped in to cancel the Consumer Bureau's rule.
In July, Ranking Member Waters released a Democratic staff report documenting the successes of the Consumer Financial Protection Bureau and the importance of the Consumer Bureau's rule on forced arbitration.