Political Quotes

“I rise today to oppose the Congressional Review Act resolution repealing the Consumer Financial Protection Bureau's forced arbitration rule. At a time when millions of Americans are suffering the consequences of abusive practices by major financial institutions--including the massive consumer fraud by Wells Fargo and the exposure of up to half of the national population's personal information due to inadequate cyber security by Equifax--it is simply wrong to give immunity to bad corporate actors against lawsuits by the very customers they harmed. I urge my colleagues to think about the millions of Americans who still don't know all the facts about whether they are victims of one of these or other major banking scandals. They deserve the chance to gather the facts and hold the responsible parties accountable. This anticonsumer resolution strips away those victims' constitutional first line of defense against lending fraud and permits corporations more opportunities to take advantage of consumers. We have known for years that forced arbitration clauses harm the financial security of those who are most vulnerable to lending scams. Companies slip these clauses into the fine print of contracts for everything from loan applications to purchases on a smartphone. Let's be clear.…”