US Says States' Dodd-Frank Suit Fails To Show Harm

Law360, New York (November 21, 2012, 5:20 PM EST) -- U.S. financial agencies told a Washington federal judge Tuesday that a lawsuit backed by several states challenging the Dodd-Frank Act should be dismissed because none of the plaintiffs has identified a way the law has harmed them.

The suit challenges the landmark financial reform act passed in 2010, 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...
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