Conservative PAC Releases Report Showing Support for Consumer Financial Protection Bureau’s Arbitration Rule
WASHINGTON, D.C. – Despite Sen. Mike Crapo’s (R-ID) insistence that he expects a Senate vote “soon,” bipartisan opposition is growing to congressional Republicans’ efforts to repeal the Consumer Financial Protection Bureau’s (CFPB) rule on forced arbitration, which empowers consumers that banks and other financial companies have taken advantage of by reaffirming an individual’s constitutional right to have their day in court.
Today, Politico reported that the conservative super PAC, American Future Fund, released new polling showing overwhelming support for the CFPB’s arbitration rule among “very conservative” constituents in states held by Republican senators from Maine, Alaska, Louisiana and Ohio. Without the support of these Senators, a repeal effort is unlikely to succeed. The poll shows that more than two-thirds of people in Ohio and Alaska support the rule and that 70 percent of Louisianans and 65 percent of Mainers support the rule.
“With huge support for the Consumer Financial Protection Bureau’s rule on forced arbitration from conservatives, attempts to repeal these protections would appear to be dead on arrival. This debate provides a clear choice between siding with consumers and special interests. These new protections from the CFPB will empower Americans to take action when they are taken advantage of by big banks like Wells Fargo and other financial predators.” said Karl Frisch, Executive Director of Allied Progress.
He continued, “Wronged consumers now have a real choice – go to arbitration or band together with other consumers and go to court. If Senate Republicans repeal this rule, they will be forcing consumers back into secret arbitration tribunals where big banks call the shots and Wall Street almost always wins.”
The CFPB’s rule already has the support of Sen. Lindsey Graham (R-SC), who called arbitration a “windfall for the companies in terms of how you settle their cheating.” The American Future Fund joins a growing chorus of conservative voices praising the CFPB’s rule including Tea Party Nation founder Judd Phillips; Dean Clancy, former vice president for public policy at FreedomWorks; Colin Hanna of Let Freedom Ring USA; and the American Legion.
While conservative groups are rallying to support the CFPB’s arbitration rule, an analysis by Public Citizen recently revealed that 24 legislators Senators co-sponsoring the repeal effort have taken more than $100 million from the financial sector over the course of their careers.
To speak with Karl Frisch about the Arbitration Rule, please contact Tucker Middleton at 202-664-8526 or firstname.lastname@example.org.
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