MuskogeePhoenix.com, Muskogee, OK

August 2, 2013

State to appeal ruling dismissing Dodd-Frank suit


Associated Press

OKLAHOMA CITY (AP) — Oklahoma Attorney General Scott Pruitt says an appeal is planned following a federal judge's decision to dismiss a lawsuit filed by Oklahoma and 10 other states that challenged the Dodd-Frank financial reform law.

The lawsuit was dismissed Friday by a federal judge in Washington, D.C., who ruled that states that filed it in June 2012 had not shown how they would be harmed by the government's new authority.

In a statement, Pruitt says he disagrees with the ruling. He says the law, adopted in 2010, gave federal agencies the power to decide the fate of the state's investments.

State attorneys general challenged a particular section of the act that gives singular power to the U.S. Treasury Secretary to liquidate banks with only 24 hours' notice and no notice for creditors.