10.25.17

Senator David Perdue Comments On Senate’s Action To Protect American Consumers

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Banking Committee, comments on the Senate’s action to stop a government agency from implementing a final rule that discourages consumers and companies from settling their differences outside of the courtroom:

“The Consumer Financial Protection Bureau, or CFPB, calls itself a consumer advocate but its actions often indicate the opposite. This rule is a perfect example. It makes no sense for this federal agency to issue a regulation that carves out an exemption for trial lawyers. Even the CFPB’s own study determined only 13% of lawsuits that go to court end up benefiting the consumer directly and those who did benefit only received on average a payment of $32.35. At the same time, in an average case, trial lawyers representing consumers collected more than $1 million. I am glad to see the Senate agrees it’s time to put consumers first and conduct some much-needed oversight of this rogue agency.”

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Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.