Washington, DC - Today, Congressman Bill Foster (D-IL-11) and Senator Jeff Merkley (D-OR) introduced the Investor Choice Act, legislation to prohibit pre-dispute mandatory, or "forced," arbitration agreements and preserve customers' ability to bring or join class action lawsuits in certain financial sectors.

"Individuals shouldn't need to surrender their legal rights because they choose to work with a financial advisor or broker-dealer to plan for their retirement and invest their hard-earned money," said Congressman Foster. "This legislation levels the playing field for consumers and prevents them from being victims of a rigged system that denies them fair legal recourse if they are wronged. I'm proud to work with Senator Merkley on this important legislation for American consumers."

"Every consumer deserves a fair chance to seek justice when they have been wronged by an investment professional," said Senator Merkley. "Too often, the arbitration system is stacked against consumers-allowing financial firms to select the arbitrators who decide cases, pay them, and keep them in line for future work. That is not a fair process, and we need legislation like the Investor Choice Act to put consumers back on equal footing."

The legislation is endorsed by Americans for Financial Reform, the North American Securities Administrators Association, the Public Investor Advocate Bar Association, and Public Citizen.

The Investor Choice Act is cosponsored by Senators Elizabeth Warren (D-MA), Richard Blumenthal (D-CT), Sheldon Whitehouse (D-RI), Dick Durbin (D-IL), and Jack Reed (D-RI) and Representative Nydia Velázquez (D-NY-07).

A copy of the bill can be found here.

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