On the recordMay 22, 2019
I reserve the balance of my time. Mr. McHENRY. Madam Chair, I rise in opposition to the amendment. The Acting CHAIR. The gentleman from North Carolina is recognized for 5 minutes. Mr. McHENRY. Madam Chair, the gentleman's amendment would reinstate a bad rule by the CFPB that was repealed. The CFPB's own data demonstrates that consumers fare better under arbitration than under litigation. On average, plaintiffs' attorneys account for approximately 31 percent of payments plaintiffs receive from class action settlements. Plaintiffs' attorneys collect, on average, $1 million per case; actual plaintiffs receive just $32 each. If Members want to be consumer friendly, if Members are about consumer protection, let's let the consumers get the benefit if they are wronged rather than trial lawyers and the trial bar. This is a trial lawyer's dream amendment. Madam Chair, I oppose this amendment and ask my colleagues to vote ``no,'' and I reserve the balance of my time.
