U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the U.S. Senate voted to overturn the Consumer Financial Protection Bureau’s (CFPB) rule on arbitration agreements:

“Last night’s vote to overturn the CFPB’s harmful arbitration law is a victory for consumers across the country,” Luetkemeyer said. “I have said time and time again that the CFPB invests more in helping special interests than consumers. The arbitration rule was proof of that. The agency’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. I commend my Senate colleagues who supported this measure and look forward to working with them to advance more common sense reforms.”