On the recordJuly 25, 2017
I thank the ranking member for yielding. Mr. Speaker, the right to seek redress in the courts is one of the most fundamental rights we have as Americans. Unfortunately, companies routinely try to undermine this right by including mandatory arbitration clauses in contracts we use every day, including credit cards, student loans, auto loans, and cell phones. These clauses often state that a consumer must resolve a dispute they are having with a third party often chosen by the company at a location that is chosen by the company. Companies also use these clauses to block class action lawsuits brought by consumers. Now, once again, thanks to the CFPB, contracts that have these clauses will no longer be permitted to prohibit consumers from banding together or joining a class action. This rule helps hold companies accountable and protects consumers. That is why more than 280 consumer, civil rights, labor, community, and nonprofit organizations support this rule. That is also why unscrupulous firms are lobbying so aggressively to block this rule. Stand up for consumers. Vote ``no'' on this joint resolution.
