Mark Takano: “I thank the gentleman for yielding. Madam Speaker, I rise in support of this bipartisan amendment, which would prohibit…”

“I thank the gentleman for yielding. Madam Speaker, I rise in support of this bipartisan amendment, which would prohibit the enforcement of forced arbitration clauses and contracts covered by the Servicemembers Civil Relief Act, or SCRA. Forced arbitration has undermined the rights of servicemembers for years by forcing them to waive their ability to seek remedies through the courts. This prohibition on forced arbitration clauses would protect countless men and women wearing the uniform of our Nation from predatory lenders while being deployed. SCRA extends important financial protections to military service personnel who are currently serving on active duty, and are often targeted for exploitation. These protections can range from prohibiting lenders from repossessing cars and foreclosing on homes while servicemembers are actively deployed. I will repeat, while they are actively deployed. This amendment will expand these protections to remove a common tool used in this exploitation. Those who serve in our military are inherently at a disadvantage against aggressive lenders as the nature of their service makes it difficult to seek fair resolve in any claims. While lenders are aware of this unique circumstance, many seek to take full advantage of these servicemembers. And this is a shame.…”