Mr. President, we have the recent fake accounts scandal at Wells Fargo and the massive data breach at Equifax. I don't think any of us can go home and not hear, certainly, about the Equifax scandal that we found out about just a couple of weeks ago. The massive data breach at Equifax and the fake accounts scandal at Wells Fargo drive home the fact that so-called forced arbitration clauses have become almost unavoidable in everyday life. Whether it is a credit card or a bank account, whether it is a student loan or a college enrollment, whether it is a nursing home contract, your phone service, or even--now far too often--your job, you have probably signed a contract that forced you to give up your right to a day in court, usually, without even realizing it. Forced arbitration is a tool that big corporations use to silence victims of corporate fraud and corporate abuse. These victims never get to tell their stories to a judge or a jury of their peers. Why? Because of the small print in these contracts. Victims are pushed into a secret process behind closed doors, where corporations win about 90 percent of the time. Over the past couple of weeks, I have had an opportunity to hear from some of these victims. Let me tell you about George from Mentor, OH. George's wife suffered physical and mental abuse in a nursing home, but George and his wife have been denied a day in court.…
On the recordSeptember 26, 2017
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