WASHINGTON, D.C. — Today, U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – joined a broad effort to restore Americans’ right to a day in court by introducing the Arbitration Fairness for Consumers Act and supporting other bills (link) to end the harmful practice of forced arbitration.
“Forced arbitration is about big companies silencing victims and giving more power to corporations that already have too much power over the lives of working Americans,” said Brown. “Ending the use of forced arbitration in student loans, credit card agreements, and employment contracts gives working Americans a fighting chance against powerful special interests.”
In 2017, Vice President Pence came to the Senate in the dead of night and cast a tie-breaking vote to strip working families of their right to join together and hold bad actors like Wells Fargo and Equifax accountable. The Arbitration Fairness for Consumers Act would reverse that decision and prohibit financial companies from forcing consumers to give up their right to a day in court or their right to join a class action suit to seek relief. It would also ensure that financial crimes like the Wells Fargo fake account scandal cannot be hidden from the public in a private and opaque process.
The Arbitration Fairness for Consumers Act has been endorsed by the American Association for Justice, Americans for Financial Reform, the Communications Workers of America, UndiosUS, Public Citizen, Consumer Reports, U.S. Public Interest Research Group, the National Consumer Law Center, the National Association of Consumer Advocates, the Center for Responsible Lending, Consumer Action, the Center for Justice and Democracy, and Consumers for Auto Reliability and Safety.