On the recordJuly 25, 2017
I thank the gentleman from Colorado (Mr. Buck) for his help in quickly bringing this resolution to the floor. Madam Speaker, I rise today in support of this rule and the underlying resolution, which would block the Consumer Financial Protection Bureau from denying the American people the use of arbitration as a means to resolve consumer complaints. Since the creation of the Consumer Financial Protection Bureau, consumer costs have gone up and access to financial products has been severely restricted. In some cases, access has evaporated altogether. The Bureau's arbitration rule is proof of what we have said for years: the CFPB does not operate in the best interest of American consumers. It does not protect the American people, their access to financial products, or their ability to achieve financial independence. Take as evidence the CFPB's own study on arbitration. It shows that just 13 percent of class action suits actually provided a benefit to consumers, with an average payout of $32. Let me say that again: an average payout of $32. Arbitration, on the other hand, provides an average of more than $5,000--let me say that again: over $5,000--to the aggrieved parties. Again, these figures come from the Bureau's own analysis, their own study. The fact that they cannot somehow justify this rule in the name of consumer protection should offend every single person on this floor today, Madam Speaker. Simply put, this rule is anticonsumer.…
