WASHINGTON, D.C. – U.S. Chamber President and CEO Thomas J. Donohue issued the following statement today following U.S. Senate passage of H.J. Res. 111, disapproving of the Consumer Financial Protection Bureau’s (CFPB) arbitration rule:
“The U.S. Senate made the right call by voting today to undo the CFPB’s arbitration rule. Arbitration results in better and quicker outcomes for consumers, so we applaud both houses of Congress for taking action to pull back a rule that would have benefited the class action trial bar at the expense of American consumers and businesses alike. This move to rein in an overgrown and unaccountable CFPB is a welcome one, and we eagerly await the president’s signature on this bill.”
The U.S. Chamber sent a key vote letter on this measure, which is available online here.
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.