WASHINGTON, Nov. 19 – The Competitive Enterprise Institute’s (CEI) constitutional challenge to the Dodd-Frank Act will be argued this morning in the U.S. Court of Appeals for the District of Columbia. The case challenges three major aspects of the law: the Consumer Financial Protection Bureau (CFPB), the Financial Stability Oversight Council (FSOC), and the Orderly Liquidation Authority. The plaintiffs argue that these entities are not subject to congressional or presidential oversight, and that judicial review of their activities have been severely restricted as well.
“With agencies such as the Consumer Financial Protection Bureau continuing to expand their mission, the economic damage imposed by Dodd-Frank is increasing daily,” said CEI general counsel Sam Kazman. “For this reason, and for other reasons set out in our legal briefs, we’re hopeful that the appeals court will allow our case to go forward.”
The specific question to be argued at today’s hearing is whether the plaintiffs can litigate these claims at this point in time. In August 2013, a federal district court dismissed the case on standing and ripeness grounds.
In addition to the Competitive Enterprise Institute, the plaintiffs in the case are the State National Bank of Big Spring, Texas, the 60 Plus Association, and the States of Oklahoma, Michigan, South Carolina, Alabama, Georgia, Kansas, Ohio, Montana, Nebraska, Texas, and West Virginia.
For more information about this case, read CEI vice president Iain Murray’s: The Long National Nightmare of Dodd-Frank Is Almost Over.