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Rep. Tom Graves Slams CFPB Arbitration Agreements Rule

Washington, July 25, 2017 - Rep. Tom Graves (R-GA-14), chairman of the House Appropriations Financial Services Subcommittee, released the following statement after the House passed H.J.Res. 111, which disapproves of the Consumer Financial Protection Bureau’s (CFPB) rule on “Arbitration Agreements:”

“The CFPB’s harmful arbitration rule will hurt American businesses and consumers by creating an explosion of lawsuits and a big pay day for trial lawyers. That’s why I included a provision to block the rule in my fiscal year 2018 Financial Services and General Government Appropriations bill. It’s also why I’m proud to support this resolution of disapproval, which sends the CFPB and its ultra-liberal backers a clear message that we won’t let the rule stand.

“Additionally, the arbitration rule is a perfect example of why the CFPB must be subject to congressional oversight through the regular government funding process. I included a provision to do just that in my Financial Services Appropriations bill, and I will continue working with the administration and my colleagues in Congress to ensure this provision becomes law. American businesses and consumers are depending on us.”


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