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H.J.Res. 111 (115th): Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to “Arbitration Agreements”.

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The text of the resolution below is as of Jul 20, 2017 (Introduced).

Summary of this resolution

Source: Republican Policy Committee

H.J.Res. 111 would disapprove and nullify the rule issued by the Bureau of Consumer Protection (CFPB) on July 10, 2017, regarding final arbitration pertaining to consumer finance contracts.

The Congressional Review Act, enacted in 1996, establishes special congressional procedures for disapproving a broad range of regulatory actions issued by federal agencies. If Congress passes a joint resolution disapproving the rule, and the resolution becomes law, the rule cannot take effect or continue in effect. The agency also may not reissue that rule or any substantially similar rule, except under authority of a subsequently enacted law.

The CFPB’s final rule prohibits consumer finance companies from relying on class action waivers to …

IA

115th CONGRESS

1st Session

H. J. RES. 111

IN THE HOUSE OF REPRESENTATIVES

July 20, 2017

(for himself, Mr. Hensarling, Mr. King of New York, Mr. Royce of California, Mr. Lucas, Mr. McHenry, Mr. Pearce, Mr. Posey, Mr. Luetkemeyer, Mr. Huizenga, Mr. Duffy, Mr. Stivers, Mr. Hultgren, Mr. Ross, Mr. Pittenger, Mrs. Wagner, Mr. Barr, Mr. Messer, Mr. Tipton, Mr. Williams, Mr. Poliquin, Mrs. Love, Mr. Hill, Mr. Emmer, Mr. Zeldin, Mr. Trott, Mr. Loudermilk, Mr. Mooney of West Virginia, Mr. MacArthur, Mr. Davidson, Mr. Budd, Mr. Kustoff of Tennessee, Ms. Tenney, and Mr. Hollingsworth) submitted the following joint resolution; which was referred to the Committee on Financial Services

JOINT RESOLUTION

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to Arbitration Agreements.

That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to Arbitration Agreements (82 Fed. Reg. 33210 (July 19, 2017)), and such rule shall have no force or effect.