Oklahoma and 10 others states on Wednesday filed an appeal in an ongoing challenge of the Dodd-Frank financial reform legislation.
A federal judge in Washington, D.C., dismissed the states’ lawsuit in August, ruling they had not shown how they would be harmed by the government’s new authority.
The Dodd-Frank legislation was passed in 2010 as a sweeping financial overhaul.
State attorneys general challenged a particular section of the act that gives singular power to the U.S. Treasury Secretary to liquidate banks with only 24 hours’ notice and no notice for creditors.
Oklahoma Attorney General Scott Pruitt said he believes the law could be harmful to community banks, small business owners and anyone else with a mortgage or checking account.
“The law places too much power in the hands of federal regulators, whose decisions could have significant and lasting impact on the financial investments of Oklahomans,” Pruitt said in a news release.