Congress Launches Effort to Kill Widely Popular Rule to Restore Americans' RightsJuly 20,2017
Washington, DC—The following is a statement from American Association for Justice (AAJ) CEO Linda Lipsen in response to the U.S. Senate and House of Representatives moving to repeal the celebrated Consumer Financial Protection Bureau (CFPB) rule to curb the use of forced arbitration clauses in certain financial contracts.
"Wall Street has spent decades using forced arbitration to quietly strip Americans of their constitutional right to seek justice under the law. This widely popular rule simply restores the rights of consumers who are scammed, cheated or defrauded by big banks to join together to demand accountability and a fair and transparent path to justice.”
“The evidence is clear: forced arbitration guarantees that Wall Street wins and consumers lose. For too long, big banks have ripped off their customers and hidden their wrongdoing from the public by forcing victims into rigged arbitration proceedings, where the banks control the process and win 93% of the time.”
“The House and Senate efforts to wipe out the forced arbitration rule make it clear that Wall Street has taken charge in the 115th Congress. Instead of working together to restore the rights of Americans and rebuild confidence in the financial industry, members of Congress are turning their backs on their constituents to protect the special interests of the banking industry. It’s time to put politics aside and uphold efforts to restore the rights of all Americans.”