Stutzman Bill Stops CFPB's Anti-Consumer Arbitration Rule

Statement

Congressman Marlin Stutzman (IN-03) released the following statement after introducing his new bill, H.R. 5569:

"Last night, I introduced legislation to help preserve the lowest interest and fees possible for hardworking Hoosiers dealing with credit cards, auto loans, and other financial services. Following the housing crisis, legislators scrambled to slap a Band-Aid on our bleeding financial markets and created Dodd-Frank. Time and time again I fight to find long-term, real solutions not quick thoughtless legislative injections. Within this burdensome law, the Consumer Financial Protection Bureau proposed a rule that would effectively eliminate the pre-dispute arbitration option for settling disputes between lenders and their customers. My legislation would allow consumers and companies to choose how they want to deal with their legal matters, preserving the option to pursue arbitration agreements which is a faster, more efficient and less costly alternative to class action lawsuits, which disproportionately benefit trial lawyers over consumers. I have always believed in smaller government and this is a perfect example of Washington, D.C. bureaucrats intervening on a contract that a private company or customer freely chose to enter into."

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