Steve Womack: “So, Mr. Chairman, that is why the Appropriations Committee approved language in our bill to address this issue, and we…”

“So, Mr. Chairman, that is why the Appropriations Committee approved language in our bill to address this issue, and we did so unanimously. Now Congress has to step in again to restore basic fairness to the effort to regulate arbitration. Section 506 of this bill simply ensures that no rule issued by the bureau shall be effective until the bureau evaluates the costs and benefits to consumers associated with conditioning or limiting the use of arbitration and specifically, Mr. Chairman, finds that the demonstrable benefits of the rule outweigh the costs to consumers. Any attempt to strike it would be misguided. So, Mr. Chairman, I urge a ``no'' vote on the amendment by the gentleman from Minnesota.”