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Oklahoma attorney general joins other states in fighting dismissal of financial reform lawsuit

Oklahoma Attorney General Scott Pruitt and state attorneys general in 10 other states said the federal government has too much power to liquidate banks on short notice under a provision of the 2010 Dodd-Frank financial reform law.
BY PAUL MONIES Published: March 1, 2013

Oklahoma Attorney General Scott Pruitt has joined 10 other states in filing a response to the federal government's motion to dismiss their case challenging a financial reform law passed in 2010.

The attorneys general said the Dodd-Frank financial reform law gives the federal government too much power in liquidating banks with short notice. The Justice Department on Feb. 22 asked a federal district court in the District of Columbia to dismiss the lawsuit originally filed by a Texas community bank and several conservative policy groups.

Pruitt and Republican attorneys general from Michigan and South Carolina joined the lawsuit in September. Eight other state attorneys general joined the lawsuit in February.

Pruitt said the federal government's motion to dismiss ignored constitutional issues raised by the Dodd-Frank law. The law's Orderly Liquidation Authority for financial companies gives just 24 hours notice to creditors, many of whom are managers of state pension funds.

“Our taxpayers could bear enormous burdens in making up for lost assets that were intended for retired state employees or to otherwise fund government services and infrastructure,” Pruitt said in a statement Thursday. “The law puts at risk the pension contributions and tax dollars that the people have entrusted us to protect.”

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