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Oklahoma attorney general joins federal lawsuit against financial bill

Attorney General Scott Pruitt says authority created by Congress in 2010 gives too much power to Treasury secretary and threatens state investments.
by Chris Casteel Published: September 22, 2012

House Republicans sought to repeal the Orderly Liquidation Authority earlier this year. Democrats on the House Financial Services Committee defended the authority as a way to “wind down failing firms while minimizing damage to the greater economy.”

Democrats said the authority “provides for a way to deal with large financial institutions that have become too indebted to exist.”

Pruitt's action on Friday came four years after the investment bank Lehman Brothers collapsed, one of the first developments of the financial crisis that led to a federal bailout of many banks and, later, the Dodd-Frank bill.

Pruitt said Congress used the crisis to consolidate power in Washington and eliminate the checks and balances required in the U.S. Constitution.

by Chris Casteel
Washington Bureau
Chris Casteel began working for The Oklahoman's Norman bureau in 1982 while a student at the University of Oklahoma. After covering the police beat, federal courts and the state Legislature in Oklahoma City, he moved to Washington in 1990, where...
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