Political Quotes

“I thank the chairman for yielding and for his leadership on getting this legislation to the floor. Mr. Speaker, the CFPB's anticonsumer, anti-arbitration, pro-trial lawyer rule is just the latest example of the harm that can be done by an out-of-control, Washington-knows-best bureaucracy. This is a teaching moment for the country about how, when elites in Washington pander to special interests, they end up hurting the very people they claim to be protecting. We all want fairer outcomes for consumers, but the CFPB's unfair, deceptive, and abusive rule will deprive millions of Americans of a convenient, fast, and effective way to resolve their disputes. According to the CFPB's own study, only 13 percent of class actions provided a benefit to consumers, and the average payout was--get this-- $32. How is that pro-consumer? The same study, on the other hand, showed that consumers who obtain relief through arbitration recover over $5,300, on average. Again, that is $5,300 in arbitration against $32 through a class action. Meanwhile, trial lawyers in class actions earn about $1 million, on average. Consider that--$1 million for the plaintiffs' lawyers, a $32 coupon, $32 cash, for a consumer. In other words, trial lawyers stand to earn 31,000 times more than a consumer in a class action. In arbitration, however, consumers get meaningful relief.…”