The Arbitration Fairness Act
The Arbitration Fairness Act is legislation sponsored by Senator Russ Feingold (D-WI) that would eliminate mandatory binding arbitration in consumer contracts. Instead, the act introduces the novel idea that if consumers want to give up their right to use the legal system, they should be able to do so intelligently once the actual legal dispute looms.
Arbitration can be a good thing, but only when both parties agree to use it, knowing the positives and negatives. Otherwise, it is merely a cheap way for creditors to rack up millions in unanswered arbitration claims. This is a perversion of the intent of the Federal Arbitration Act, which was meant as a way to allow corporations to efficiently resolve commercial disputes with other corporations, not to rake consumers over the coals.
Contact your senators and representatives and ask them to support this important pro-consumer legislation.
