Everyone knows about the legal history of Obamacare, but there has been little mention of the impending lawsuit against Obama’s other great monstrosity, Dodd-Frank. In June, several banks along with the 60 Plus Association and the Competitive Enterprise Institute filed a lawsuit in federal court against the administration. Now three states – Oklahoma, South Carolina, and Michigan – have joined the lawsuit, according to Free Beacon. The gist of the lawsuit is that the authority granted to the new financial agencies to commandeer banks that are deemed to big to fail is unconstitutional. Dodd-Frank violates the separation of powers, due process, and vitiates bankruptcy law.
Republicans control more than half of the state governments. We must see more of them signing onto this lawsuit.
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