“Court offers protections that arbitration doesn’t offer, like putting your case before a jury. I think it’s important that investors have the ability to decide what the appropriate forum would be to resolve their disputes,” Lazaro said.
Congresswoman Maxine Waters (D., Calif.), chair of the House Committee on Financial Services, said she introduced the legislation to “block the Trump administration’s anti-consumer agenda and reverse their past efforts to undermine the mission of the Consumer Financial Protection Bureau.”
Prospects for legislation in the Republican-controlled Senate, however, are less rosy since many of the lawmakers voted for the 2017 legislation that revoked the CFPB ban on mandatory arbitration clauses.
The Seventh Amendment of the U.S. Constitution guarantees Americans the right to a civil jury trial.