In the SF Chronicle. The indefatigable Ted teaches consumer law at Berkeley. Here is his conclusion:
So why did Director Cordray [issue the Arbitration Rule despite opposition from the powerful financial lobby]?
Maybe he believes that the American people know a sharp practice when they see one, and that they won’t stand for the undoing of a rule that so obviously protects them.
Maybe he thinks that Congress will ultimately decide that forcing people into the shadows to resolve their disputes undermines the open and public system of justice on which this society was founded.
Maybe he is convinced that any future director will agree that Americans should not be compelled to sign away their constitutional rights every time they want to open a bank account or get a car loan.
Or maybe there is a simpler reason.
Maybe Cordray did it because it was the right thing to do.
