U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the Consumer Financial Protection Bureau’s (CFPB) rule to prevent companies from using arbitration clauses:

“This announcement is yet another anti-consumer regulation issued by the CFPB that will prompt more lawsuits all across the country,” Luetkemeyer said. “The agency has published its own research which states arbitration has shown to be a positive tool for consumers. Yet, this week’s announcement is in complete contradiction to its reports. This action demonstrates why the CFPB ultimately needs to be substantially reformed.”