Rep. Johnson on Consumer Bureau’s Rule Protecting Citizens’ Right to Sue Banks

WASHINGTON, D.C. – Today, Rep. Johnson­ (GA-04) – ranking member of the House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law (RRCAL) – issued the following statement as the Consumer Financial Protection Bureau unveiled a proposed rule that would restore customers’ rights to bring class-action lawsuits against financial firms:

“For far too long, consumers have had the deck stacked against them when it comes to doing business with banks and other financial institutions,” said Johnson, sponsor of the Arbitration Fairness Act, which would eliminate forced arbitration clauses in employment, consumer, antitrust, and civil rights cases.

“I applaud Director Cordray for the CFPB’s rule, which is a crucial first step. But the fight must go on to strip these untenable clauses from all agreements and contracts integral to our daily lives – whether it involves getting a job, buying a cell phone, renting a car, placing a relative in a nursing home or even signing up for your first credit card. More people now understand that simply doing business with big businesses and large multi-national financial institutions means forfeiting your right to access the courts and the justice system – and more and more people agree that this pervasive and troubling practice isn’t open, it isn’t just and it isn’t fair.”