The Norman Transcript

August 3, 2013

Dodd-Frank appeal planned

Associated Press
The Associated Press

OKLAHOMA CITY — Oklahoma Attorney General Scott Pruitt says an appeal is planned following a decision to dismiss a lawsuit filed by Oklahoma and 10 other states challenging the Dodd-Frank financial reform law.

The lawsuit was dismissed Friday by a federal judge in Washington, D.C., who ruled that states had not shown how they would be harmed by government authority.

In a statement, Pruitt says he disagrees with the ruling. He says the law, adopted in 2010, gave federal agencies the power to decide the fate of the state’s investments.

State attorneys general challenged a 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.