The attorneys general for Oklahoma, South Carolina and Michigan have joined a lawsuit challenging the constitutionality of the Dodd-Frank Act.
The AGs filed a complaint "focused primarily on powers granted to the Federal Deposit Insurance Corp. and the Treasury Department" in seizing and winding down troubled banking companies, reports American Banker’s Rachel Witkowski
They raised questions about how pension funds might be treated when a financial company is liquidated. "This lawsuit is necessary to safeguard Michigan's pension funds and protect current and future retirees," said Michigan Attorney General Bill Schuette in a press release.
The original suit was filed by The State National Bank of Big Spring in Texas, the 60 Plus Association and the Competitive Enterprise Institute in June.
For the full piece see "Three State AGs Join Lawsuit Against Dodd-Frank Lawsuit" (may require subscription).