|
CongressDaily
(7/8, Swindell) reported, "The push for a proposed Consumer
Financial Protection Agency has given new momentum for a
trial bar campaign to ban mandatory arbitration clauses in
consumer contracts, placing business lobbyists in a deep
hole in trying to stop a measure strongly backed by the
Obama administration and congressional Democrats." Julia
Duncan of the American Association for Justice said, "We're
very encouraged by what we've seen in the administration's
proposal." She added, "It's a big step in terms of restoring
accountability in the financial markets." However, "the
arbitration language is strongly opposed by business
lobbyists, especially the U.S. Chamber of Commerce, which
has led the fight against a rollback of such contracts that
have become more commonplace in such products such as
cell-phone plans, health insurance coverage and credit card
accounts."
|
