Political Quotes

“Mr. Speaker, I rise in support of H.J. Res. 111. Mr. Speaker, the Consumer Financial Protection Bureau finalized a rule forbidding financial service firms from including a mandatory arbitration clause in contracts with consumers. The rule is not only bad for consumers, it highlights the need for accountability in Washington. Unelected bureaucrats wield too much power with too little oversight, and this rule would force consumer class actions and eliminate arbitration options. As an attorney, I know that many class action lawsuits are all too often more about cash for plaintiffs' trial lawyers than protection for consumers. In fact, the CFPB's own study even admitted that arbitration is faster, less expensive, and pays out consumers much higher compared to the class action lawsuit. Of course, many trial lawyers oppose arbitration because it denies them of exorbitant class action lawsuit fees. It is an inexpensive alternative to courtroom litigation. If consumers are lucky enough to be part of the successful class action, the average individual payment is, as my colleague just pointed out, only about $32. Remarkably, the trial lawyers raked in $425 million in class action fees between 2010 and 2013, according to a study by Forbes. Of the arbitrations reviewed by the CFPB in which consumers were victorious, the average individual payout was $5,389.…”