The Senate may have been unable to move some of the GOP leadership’s preferred agenda, but it deserves kudos for acting under the Congressional Review Act to undo an anti-arbitration rule crafted by Obama administration holdovers.
Make no mistake: the anti-arbitration rule was designed exclusively to benefit plaintiffs’ lawyers, and it would have ensured that consumers injured by financial companies would have no redress unless lumped into massive class-action lawsuits that paid them pennies on the dollar. The Senate’s action rolls back the Obama-era overreach — to the benefit of all except the litigation lobby.
- The Senate Still Has Time To Stop Lawsuit Abuse (Investor's Business Daily, October 25, 2017)
- CFPB's Recent Rule Shows Everything That's Wrong With Washington (Investor's Business Daily, July 21, 2017)
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James R. Copland is a senior fellow and director of legal policy at the Manhattan Institute.