Rep. Barney Frank says the Supreme Court's ruling on Thursday to uphold President Obama's healthcare reform legislation gives a bleak outlook for legal opposition to Obama's other major piece of legislation: the Dodd-Frank Act.
In other words, what's good for the healthcare reform is good for Wall Street reform.
"It's gotten a setback today," the ranking member of the House Financial Services Committee told The Hill about the recent suit charging that the creation of the Consumer Financial Protection Bureau was unconstitutional.
"He may have thought he had five Scalias on the court, right-wing ideologues that are just going to throw anything out," Frank said of the suit's counsel, C. Boyden Gray, "And now the answer is, 'No, you don't.'"
Frank notes that he hasn't been too worried about that suit. "He pointed out that many of the complaints about the CFPB in the suit are also true of another long-standing financial regulator, the Office of the Comptroller of the Currency," writes The Hill's Peter Schroeder.
For the full piece see "Frank: Healthcare ruling an ill omen for legal challenge to Dodd-Frank" (may require subscription).