The Consumer Financial Protection Bureau announced a new rule in July that heavily restricts arbitration clauses, and opens companies to more frivolous class action lawsuits. This new rule, passed under the guise of consumer protection, is not just anti-consumer — it will make the elite class of trial lawyers even richer off the backs of consumers.
In typical fashion, Democrats like Nancy Pelosi and Elizabeth Warren claim that Republicans are anti-consumer and are only on the side of big banks. Maxine Waters, the Ranking Democrat on the House Financial Services Committee, went so far as to say that “it is outrageous that Republicans are trying to nullify the rule to the detriment of consumers. Republicans should think twice before taking away consumers’ rights to be heard in a court of law.”
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