Pete Sessions: “I rise and send to the desk a bill entitled the ``Fair Arbitration Act of 2007.'' This bill continues the legislative…”

“I rise and send to the desk a bill entitled the ``Fair Arbitration Act of 2007.'' This bill continues the legislative process that I started several years ago with the introduction of the ``Consumer and Employee Arbitration Bill of Rights'' and the ``Arbitration Fairness Act of 2002.'' The purpose of the Fair Arbitration Act of 2007, like my earlier proposals, is to improve the Federal Arbitration Act so that it will remain a cost-effective means of resolving disputes, but will do so in a fair way. The Fair Arbitration Act will provide procedural protections to everyone who enters into a contract with an arbitration clause. This bill ensures that consumers, employees, and small businesses that enter into contracts covered by the Federal Arbitration Act will have their disputes resolved in accordance with fundamental principles of due process, and in a speedy and cost-effective manner. Congress originally enacted the Federal Arbitration Act in 1925. It has served us well for over three-quarters of a century.”