The Restoring American Financial Stability Act:

Support Fairness in Arbitration

S. 3217, the “Restoring American Financial Stability Act of 2010” is being negotiated right now and could be on the Senate floor for a vote in a matter of days. This bill currently includes important provisions to restrict the use of forced arbitration. Please contact your Senator and ask them to support keeping these safeguards in the bill.

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Dear (recipient name),

I am writing to request you support for the arbitration provisions currently included in the “Restoring American Financial Stability Act of 2010” and OPPOSE efforts to remove these sections.  The provisions are very moderate, narrowly tailored, and simply allow regulators the discretion to impose limitations on forced arbitration where they find such limitations necessary to protect consumers and investors from abusive and deceptive practices by big banks and investment firms.

 

The widespread use of forced arbitration clauses in contracts for financial services like credit cards and bank accounts is one of the most abusive and deceptive practices harming consumers today.  Forced arbitration clauses are hidden in the fine print of consumer and investment contracts and strip the consumer and investor of the right to file claims against these major Wall Street firms; instead, these clauses result in the funneling of all claims into a secret and biased system controlled by Wall Street.  These clauses are presented on a take-it-or-leave-it basis, an individual has no choice unless s/he forgoes the product altogether – not a realistic choice when it comes to a bank account or credit card.  Forced arbitration clauses eliminate incentives for Wall Street to treat consumers and investors fairly because they know they will never be held publicly accountable for their actions.  

 

Consumers need protection from forced arbitration.  Please do all you can to ensure these provisions are adopted.

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