Political Quotes

“This resolution of disapproval will repeal the CFPB's Arbitration Agreements rule, a rule that consumers are going to be able to be protected by, according to the CFPB. That is their stated mission: to protect the consumers. Let us look at the data that has been provided by the CFPB. Just 13 percent of the class action suits actually provided a benefit to the consumers. And what was that whopping benefit? Thirty-two dollars. Thirty-two dollars that they are willing to celebrate over as compensation for people who have been harmed. Let us look at the other side of the ledger. What are trial lawyers receiving? On average, $1 million. So while our friends may want to stand up for the trial lawyers, for their million-dollar paychecks, we are going to choose to stand with the American consumer to make sure that they are going to be able to receive the justice that they deserve, and one way to be able to do that is going to be through arbitration. When we look at the CFPB's own statistics, the average arbitration payout is not your $32. It is almost $5,400, which has been received in terms of compensation that is going to be paid. This latest rule, Mr. Speaker, joins a growing list of CFPB actions that have hurt consumers.…”