Today, U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the House of Representatives passed the resolution of disapproval relating to the Consumer Financial Protection Bureau’s (CFPB) rule to prevent companies from using arbitration clauses:

“Today, the House of Representatives took the first step in rolling back the anti-consumer regulation that is set to prompt more lawsuits across the country,” Luetkemeyer said. “The CFPB’s arbitration rule is proof of what we’ve said for years: the Bureau does not operate in the best interest of American consumers. The CFPB’s own study shows that just 13 percent of class action lawsuits actually provided a benefit to consumers, with an average payout of just $32. Arbitration, on the other hand, provides an average settlement of more than $5,000 for aggrieved parties. At the end of the day, this rule will have devastating consequences for American consumers. I am pleased that my colleagues in the House of Representatives understand the consequences of this rule and voted today to reverse this action from the CFPB. It’s my hope that the Senate will soon follow suit.”