3 States Join Constitutional Challenge to Dodd-Frank Act

Law360, New York (September 20, 2012, 10:35 PM EDT) -- The states of Oklahoma, South Carolina and Michigan on Thursday joined a suit challenging the 2010 Dodd-Frank Act, saying the law's provisions for dealing with troubled financial institutions are a threat to financial stability.

The act's Orderly Liquidation Authority gives the Treasury secretary the power to seize a financial firm if the government believes its failure would cause instability in the financial system. The Obama administration has touted the OLA as solving the problem of government bailouts for firms seen as too big to fail....
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