Congressman Steve Womack (AR-3) today voted for the passage of H.J. Res. 111, Providing for Congressional Disapproval Under Chapter 8 of Title 5, United States Code, of the Rule Submitted by the Bureau of Consumer Financial Protection Relating to “Arbitration Agreements,” following his leading role to address this looming issue in the House Committee on Appropriations. The Congressional Review Act is a law that allows Congress to review new federal regulations issued by government agencies and, by passage of a joint resolution, to overrule a regulation. The Consumer Financial Protection Bureau (CFPB) put forth a final rule that aids trail attorneys at the expense of consumers in May of 2016.
After passage, Congressman Womack released the following statement:
“Today marks the peak of over two years worth of congressional battle with an out-of-control administration. Since its inception at the hands of the Dodd-Frank law, the CFPB has acted in complete disregard for the true needs and desires of the American people — and now in blatant opposition to our new President and Congress. Time and again, it has been shown arbitration proves more successful and advantageous to the consumer than any trial lawyer would probably admit, and its constitutionality is emphasized with 100 years of Supreme Court decisions. I couldn’t be more proud of the House for acting swiftly to attack this latest rule out of CFPB. The American people deserve our protection and support.”
Congressman Steve Womack has represented Arkansas’s Third Congressional District since 2011 and serves on the House Appropriations Defense, Military Construction-Veterans Affairs, and Labor-Health and Human Services subcommittees and the House Committee on the Budget.