Brunet's Federal Arbitration Act

(Note: This proposed legislation consists of several recommended changes to federal arbitration legislation) [Insert at start of §2] Scope of Federal Legislation: This legislation applies to transactions or conduct that affects interstate commerce. [Alternative: strike word “involving” before word “commerce” in existing section two of the FAA and substitute word “affecting.”]. [insert as the new last sentence of §2] State Law to Govern Savings Clause: The rule of decision to be applied when deciding the validity of an arbitration agreement should be state law. [insert as new §10(a)(7)] Party Authority to Enhance Review: The parties may contract for judicial review of the arbitration award for reasons beyond the grounds set forth in this act. [insert as new §10(a)(8)] Awards Contrary to Public Policy: Courts may vacate awards that are plainly inconsistent with public policies expressly set out in legislation or legal precedents. [insert as new §18] Preemption. No intent to preempt the field: States may regulate arbitration, provided that state law does not stand as an obstacle to enforcing consensual agreements to arbitrate.