Oklahoma joins lawsuit challenging Dodd-Frank Wall Street Reform and Consumer Protection Act

OKLAHOMA CITY (AP) — Oklahoma Attorney General Scott Pruitt has authorized the state to join a lawsuit that challenges the constitutionality of federal financial overhaul law designed to address the nation's financial crisis.

Pruitt says he believes the Dodd-Frank Wall Street Reform and Consumer Protection Act gives unchecked and unlimited power to government regulators and puts Oklahoma taxpayers at risk.

Oklahoma, South Carolina and other attorneys general are joining the lawsuit originally filed by the National Bank of Big Spring in Texas in June. Pruitt says Oklahoma joined the lawsuit to protect Oklahoma's assets and other state interests.

Among other things, the state attorneys general are challenging a section of the act that gives singular power to the US Treasury Secretary to liquidate banks with only 24 hours' notice and no notice for creditors.