Tom Udall: “Thank you, Mr. President, for the recognition this evening. Mr. President, I rise to support the Consumer Financial…”

“Thank you, Mr. President, for the recognition this evening. Mr. President, I rise to support the Consumer Financial Protection Board's arbitration rule that has been spoken about this evening very eloquently by my colleagues here on the Democratic side. The new rule protects consumers from predatory financial practices. These consumers are our everyday constituents. They are servicemembers and veterans, moms and dads, the elderly, students, and working people. It protects these folks by limiting binding arbitration clauses. Now, what is a binding arbitration clause? These clauses take away consumers' rights to seek relief in court when they are wronged. This rule puts money in the pockets of consumers who have been taken advantage of. The Consumer Financial Protection Board estimates that the rule will mean $342 million per year in compensation to consumers. Repealing the rule would take that money, which should go to consumers, and give it to some of the wealthiest corporations in this Nation. When millions of consumers are scammed, what is the most logical remedy? When millions of consumers are scammed, what is the logical remedy--millions of separate cases before arbiters selected by the corporation or a class action case before an impartial judge and jury? The right to go to court before a jury of your peers is enshrined in the Constitution.…”