Oklahoma, along with South Carolina and Michigan, joined alawsuit challenging the constitutionality of the 2010 Dodd-FrankAct that overhauled financial regulation and created the ConsumerFinancial Protection Bureau.
The states, in an amended complaint filed yesterday in federalcourt in Washington, said they're only challenging the portion ofthe Dodd-Frank law that empowers the Treasury Secretary to order aliquidation of a financial company whose collapse may threaten thestability of the banking system.
The law “denies the subject company and its creditorsconstitutionally required notice and a meaningful opportunity to beheard before their property is taken,” the states said in thecomplaint.
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