Rep. Tulsi Gabbard Votes Against Bill Stripping Consumer Protections From Financial Institutions
WASHINGTON, DC–Congresswoman Tulsi Gabbard (HI-02) today voted against a Congressional Review Act (H.J. Res 111) resolution designed to repeal the Consumer Financial Protection Bureau’s consumer protection arbitration rule. This rule bars certain financial companies from using pre-dispute arbitration agreements as a way to pre-empt and block class action lawsuits in court.
“Credit card companies, banks, and other lenders have continued to commit grievous violations against consumers behind closed doors. Now, they are threatening to strip injured customers’ constitutional rights to seek compensation for these violations in court. It is unacceptable that companies are profiting at the expense of consumer protection, and are now attempting to silence consumers with grievances over abusive practices. We must continue to fight for basic consumers’ rights to be heard in a court of law,” said Congresswoman Tulsi Gabbard.
Background: Rep. Tulsi Gabbard has long-supported real financial reform, including a reinstatement of the Glass-Steagall Act, breaking up the big banks, and increasing capital requirements for too-big-to-fail banks. She has co-sponsored legislation like the Return to Prudent Banking Act, which would reinstate provisions of the Glass-Steagall Act to keep investment banking separate from commercial banking, as well as prevent the largest banks from engaging in speculative trading.