State Attorneys General Challenge Title II of Dodd-Frank
From Ammon Simon's post in National Review's Bench Memos:
I’ve previously written about the constitutional challenge to Dodd-Frank. A group of plaintiffs, including a Texas community bank and the Competitive Enterprise Institute, filed a lawsuit in June challenging the Consumer Financial Protection Bureau and the Financial Stability Oversight Council.
Yesterday afternoon, the attorneys general of several states — Michigan, Oklahoma, and South C arolina — joined the lawsuit (complaint here), challenging Dodd-Frank’s Orderly Liquidation Authority.
As CEI’s press release explains:
The state attorneys general are challenging Title II of Dodd-Frank, which gives the Treasury Secretary the ability to liquidate financial companies with only 24 hours notice. There is no meaningful legal recourse for the company, there is an immediate gag order placed on all parties and it carries criminal penalties if violated; in short, this creates death panels for American companies.