Political Quotes

“I thank the ranking member for yielding. Mr. Speaker, I rise today in strong opposition to H.J. Res. 111, a resolution that will undermine the Consumer Financial Protection Bureau and allow financial institutions to continue taking advantage of consumers. The CFPB's arbitration rule protects consumers, including students, servicemembers, and seniors, by allowing them access to justice in court and to participate in class action lawsuits against unscrupulous financial institutions. I am a former consumer protection lawyer. I have no problem with arbitration clauses when they are agreed to by parties with equal bargaining power, but we have seen what happens when institutions include nonnegotiable forced arbitration clauses in the fine print of consumer contracts. Private student loan providers, payday lenders, credit card companies, and banks have consumers sign away their rights to access the court system when they are cheated. The CFPB rule will address that inequity and provide consumers with a remedy. We must reject this effort to roll back consumer protections and allow the CFPB to continue to do their important work. Please vote ``no.''”