On the recordMay 22, 2019
I am honored to present amendment No. 17, which deals with consumer choice. It deals with whether consumers will be forced into arbitration or whether they will have the choice of having arbitration or litigation. With litigation, the consumer can have the choice of having the case presented as one person or as part of a group. This amendment is one that the Dodd-Frank Wall Street Reform Act called to our attention by way of a study that was required. After performing the study, the CFPB issued a final rule to regulate the use of mandatory arbitration clauses. In so doing, it was something that we believed would have been beneficial to consumers. Yet, before the rule could take effect, it was rescinded by Congress in November 2017. My amendment offers a direct, straightforward solution. It simply reinstates the CFPB final rule, a rule that was the product of a careful study. It was analyzed properly. It was done by way of stakeholder consensus. My belief is that this rule will reinstate a law that will give consumers choice as opposed to forced administration. Madam Chair, I yield 1 minute to the gentleman from Pennsylvania (Mr. Cartwright).
