CFPB Director Richard Cordray Monday made a personal appeal to President Trump to veto a congressional resolution nullifying the agency’s arbitration rule.
“Many have told me I am wasting my time writing this letter – that your mind is made up and that your advisors already have made their intentions clear,” Cordray said in a letter to Trump.
The Senate last week approved a resolution that would nullify the CFPB’s rule, which would restrict the use of mandatory arbitration agreements in financial contracts. The House had already passed the resolution.
Trump Administration officials have already signaled the president’s intention to sign the resolution.
But in his letter, Cordray said the rule is simply about protecting people who want to file suit “to right the wrongs done to them.”
“You and I have never met or spoken, but I am aware that over the course of your long career in business you often found it necessary to go to court when you thought you were treated unfairly,” Cordray said in the letter.
Cordray said he believes the president doesn’t like to see American families, including veterans and service members, cheated out of their money and that he alone has the power to safeguard their right to sue.
