WASHINGTON– President Donald J. Trump today signed 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.”
On May 5, 2016, the Bureau of Consumer Financial Protection issued a rule to dramatically alter longstanding precedent of allowance for arbitration agreements in certain contracts. Following two years of incredible effort to address this by Congress after the initial Womack Amendment to the FSGG Appropriations bill, Congressman Womack released the following statement when President Donald J. Trump today signed H.J. Res. 111 into law:
“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 in blatant opposition to our President and Congress. Time and again, it has been shown arbitration proves more successful and advantageous to the consumer than any trial lawyer would admit, and its constitutionality is emphasized with 100 years of Supreme Court decisions. The American people deserve our protection and support. I commend the President for acting swiftly to sign this important and common-sense approach to true consumer protection into law.”
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.