U.S. Chamber Applauds House Vote to Undo CFPB’s Arbitration Rule

Tuesday, July 25, 2017 - 5:00pm

WASHINGTON, D.C. — Lisa A. Rickard, president of the U.S. Chamber Institute for Legal Reform (ILR), and David Hirschmann, president and CEO of the U.S. Chamber Center for Capital Markets Competitiveness (CCMC), issued the following statement today following House passage of H.J. Res. 111, disapproving of the CFPB’s arbitration rule:

“Members of the House took a much-needed step toward checking the power of a rogue agency and its attempt to impose a bad rule on American consumers. The CFPB’s arbitration rule exemplifies how the agency has abused its uniquely independent structure, even amid disputes about its constitutionality, to pursue a consistently slanted and ill-conceived agenda. We applaud these members of Congress for their willingness to use the tools available to right the wrongs of the arbitration rule, and we strongly encourage the members of the Senate to do the same.”

The U.S. Chamber’s key vote letter on this measure is available online here.

ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.

Since its inception in 2007, the Center for Capital Markets Competitiveness has led a bipartisan effort to modernize and strengthen the outmoded regulatory systems that have governed our capital markets. The CCMC is committed to working aggressively with the administration, Congress, and global leaders to implement reforms to strengthen the economy, restore investor confidence, and ensure well-functioning capital markets.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.