Congressional Republicans Opposing CFPB’s Arbitration Rule Have Taken $67,000 from Equifax PAC
WASHINGTON, D.C. – As nearly 150 million Americans cope with Equifax’s massive data breach, Congressional Republicans on the House Financial Services Committee are keeping Equifax PAC’s generous contributions while they fight to repeal a rule that protects consumers from reckless financial institutions – like Equifax.
Just a few weeks ago, House Financial Services Committee Chairman Jeb Hensarling and Republican Members of Congress voted to repeal the Consumer Financial Protection Bureau’s (CFPB) new arbitration rule that prohibits companies from taking advantage of consumers by denying them a day in court.
“Chairman Jeb Hensarling and Republicans on the House Financial Services Committee have taken tens of thousands of dollars from Equifax and continue to lead the charge against common sense protections like the CFPB’s arbitration rule,” said Karl Frisch, Executive Director of Allied Progress.
He continued, “If Hensarling and his allies are outraged by Equifax’s breach, they should give back every penny they have taken from Equifax and abandon their campaign against the arbitration rule.”
According to an Allied Progress review of campaign donations, Equifax’s PAC has given at least $67,000 to current Republican members of the House Financial Services Committee over the course of their congressional careers, including $16,500 to Chairman Hensarling himself. Those same Republican lawmakers recently voted to repeal the CFPB’s arbitration rule.
Had the rule been in place before this breach, Equifax customers would be free to join together and go to the court and the company couldn’t force existing or new customers into secret arbitration tribunals where panels, often handpicked by industry, call the shots. Republicans like Hensarling are still fighting to protect reckless companies like Equifax at the expense of tens of millions of Americans.
To speak with Karl Frisch about Equifax data breach or CFPB arbitration rule, please contact Tucker Middleton at 202-664-8526 or firstname.lastname@example.org.
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