BREAKING: Three state AGs have joined lawsuit against Dodd-Frank, claiming powers to unwind TBTF firms are "unconstitutional.

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BREAKING: Three state AGs have joined lawsuit against Dodd-Frank, claiming powers to unwind TBTF firms are “unconstitutional”

BREAKING: Three state AGs have joined lawsuit against Dodd-Frank, claiming powers to unwind TBTF firms are “unconstitutional”

This just in…more as it develops…[update] see below

State AGs are Michigan, Oklahoma and South Carolina.

CEI-

Washington, D.C., September 20, 2012 – The states of Oklahoma, South Carolina, and Michigan today joined a lawsuit challenging the constitutionality of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The states are asking the U.S. District Court for the District of Columbia to review the constitutionality of the Orderly Liquidation Authority, established under Title II of Dodd-Frank. The three states are joining the original plaintiffs in the lawsuit: State National Bank of Big Spring, Texas; the 60 Plus Association; and the Competitive Enterprise Institute.

“We must challenge Dodd-Frank to protect Oklahoma taxpayers and our financial stability. The law puts at risk the pension contributions and tax dollars that the people have entrusted us to protect,” Oklahoma Attorney General Scott Pruitt said. The Orderly Liquidation Authority (OLA) gives the Treasury Secretary the power to liquidate any financial company as along as the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve are in agreement.

[CEI.org]

[ipaper docId=106497362 access_key=key-17kyric4mmmcpn1qkp08 height=600 width=600 /]

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3 Responses to “BREAKING: Three state AGs have joined lawsuit against Dodd-Frank, claiming powers to unwind TBTF firms are “unconstitutional””

  1. Sarah says:

    Scott Pruitt’s non-sensical blathering makes sense only to Banksters.
    All three of these stooges are sell outs. It’s fascinating, as soon as a watered down attempt to restrain the Predators is discussed, the Big lawyers start blasting papers claiming some so-called Constitutionally based horsesh#t defense.

  2. rene says:

    If anyone wants to believe the Federal Reserve OR the FTC won’t hide or bury things, YOU MUST LOOK AT THIS LINK!! Think and use this information to help!! There are more stories associated, just google and dig.

    http://www.offshorealert.com/WorkArea/threaddisc/print_thread.aspx?id=60&g=posts&t=38643

    note the names William r. Davis (Davies), Walter r. Wellman, look at the cover up by agency due to being neighbors with other folks involved, money changing hands..too much to understand how anyone can believe that this is not all part of a HUGE plan regarding more cover ups and inaccurate dealings by the government agencies who are suppose to HELP US NOT HURT US!!

    Help homeowners save their homes, quit allowing cover ups and fraud! The securitized loans were FRAUDULENT in nature to help those who wanted to cut corners, no SEC sanction for what those in charge made a “practice” regarding digital doumentation. The cover ups and banksters off shore and on our land are vast. This link tells a shocking case!! YOU SHOULD ALL READ THIS…
    $230 Billion Offshore Bank Hughes Vault? by shorelines
    We should ALL be sick and fed up enough to say, “THE BANKS WON’T FAIL, THEY ALREADY GOT PAID OVER AND OVER FOR THE FRAUDULENT LOANS, THEY DON’T OWN THEM SO LEAVE HOMEOWNERS ALONG” The Trusts securitized by the mortgages hold ZERO value!! Like the loans that are above the actual value of homes, these securities are UNSECURED! Think before acting and let’s get back to basics and wipe out the FRAUD by NOT ALLOWING ANY MORE!!

  3. Don Day Sr. says:

    I am wondering. Is the change in stance, the the case of SC’s AG, is this part of the mutli-million dollar settlement announced earlier concerning that state and the big banks? no alleging anything here but just asking the question.

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