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New Bill Would Ban Mandatory Arbitration Agreements Sen. Jeff Merkley and Rep. Bill Foster have introduced a new bill addressing an old issue whether to ban mandatory arbitration agreements between investors and advisors. A new bill would ban mandatory arbitration agreements between aggrieved investors and advisors or broker/dealers. The Investor Choice Act, which was introduced in the Senate and House of Representatives by Sen. Jeff Merkley (D-Ore.) and Rep. Bill Foster (D-Ill.), would also ban any prohibitions on class action lawsuits, which are often embedded in clients’ contracts. “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,” Foster said. “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.”

United statesGregory meeksDavidp meyerBarbara roperCarolyn maloneyRemingtona greggNicolasd guamSheldon whitehouseConsumer federation of americaSecurities exchangeHouse committee on financial servicesPublic investors arbitration bar associationInvestor choice actJeff merkleyBill fosterSecurities exchange act