Back in the day the U.S. Chamber of Commerce was a true association for all businesses to join as one voice to advocate for free market principles against overreaching Government types who wanted to regulate businesses to their death. Now the U.S. Chamber of Commerce is nothing more than a $200 Million a year lobby group for large banks and large insurance corporations hiding behind the mask of its past.
In fact, it is the U.S. Chamber of Commerce who is actively shopping legislation all around the United States to implement devastating and almost death penalty like regulations on the consumer legal funding industry.
No, pigs are not flying yet but the U.S. Chamber of Commerce is indeed pushing for anti-free market regulations against a business industry, disguising them as “consumer-friendly” and/or “legal reform” bills.
The question should be then, if the consumer legal funding industry is under attack by the U.S. Chamber of Commerce, what business industry is next?
For many years now, consumer legal funding has provided vital services to millions of Americans. Because of consumer legal funding, these consumers finally have an alternative to submitting to big insurance company’s delay tactics and low-ball settlement offers for injury claims. Citizens no longer had to worry about their daily living expenses or be intimidated by billion-dollar insurance companies. Instead they could fight for what they deserved, a fair settlement on their injury claim.
This business model does not sit well with insurance companies, and the U.S. Chamber of Commerce, whose Chairman of the Executive Committee just happens to also be the CEO of State Farm Insurance. Insurance corporations use a consumer’s accident and lack of financial security to force less-than-market-rate settlements. Relying on millions of data points as to the valuation of an injury, insurers have no incentive to settle quickly, except for well-below established injury values. Consumer legal funding bridges the financial gap from the time an accident occurs until a consumer has a chance to fairly settle their injury claim. This product gives consumers the strength to hang on in court proceedings or settlement negotiations despite having limited bargaining power against large insurance interests.
In a time where more and more businesses are under attack and more and more debilitating regulations are being applied to businesses across the country. Its extremely disappointing to see the U.S. Chamber of Commerce construct such malicious and anti-free market pieces of legislation like they have done with regard to the consumer legal funding industry.
Where the “real” U.S. Chamber of Commerce would be the place the consumer legal funding industry could go for help. The New U.S. Chamber of Commerce wants nothing to do with the everyday businessperson. Instead, they have chosen to lobby for a few select industries, like the insurance conglomerates at the expense of all other businesses.