Attorney general from eight states have joined a lawsuit challenging the constitutionality of Dodd-Franks’s order liquidation authority, notes BankCreditNews.com.
“The state of Texas is challenging Dodd-Frank because it gives too much power to the federal government—and puts taxpayer dollars at risk,” Texas Attorney General Greg Abbott said. “Under this law, unelected federal bureaucrats are empowered to unilaterally liquidate financial institutions in which the state invests taxpayer dollars. This unprecedented regime deprives the State of Texas of basic due process rights and places taxpayers’ resources at risk.”
The attorneys general are all Republicans and hail from the states of Alabama, Georgia, Kansas, Montana, Nebraska, Ohio, Texas and West Virginia.