Suit Challenges Constitutionality of Dodd-Frank
Posted in the Bremen Forum
#1 Jun 21, 2012
With the Supreme Court poised to rule on the constitutionality of Obamacare, a suit filed today challenges the constitutionality of the other signature legislation of President Obama’s first term – Dodd-Frank. Brought in the U.S. District Court in Washington, D.C., the case is styled State National Bank of Big Springs and others v. Timothy Geithner and others. The other defendants include the Treasury Department, the Consumer Protection Bureau, the Board of Governors of the Federal Reserve, the Federal Deposit and Insurance Corporation, and the Financial Oversight Council....
#2 Jun 21, 2012
[update...from above link]
The lawsuit’s major claim is that the formation and operation of the Consumer Financial Protection Bureau (CFPB) violates the constitution because its director (or czar) is not accountable to Congress or the President, and the decisions of the agency are not even subject to judicial review. The CFPB escapes meaningful congressional oversight because its budget – some $400 million – comes from the Federal Reserve. As for the president, he cannot overrule actions taken by the CFPB, and can only remove the director “for cause,” e.g., inefficiency, neglect of duties, or malfeasance, not disagreement over substance. Finally judicial review is limited because courts are required by the legislation to defer to the CFPB regarding the meaning or interpretation of any provision of federal consumer financial law...
The lawsuit also challenges the constitutionality of the way in which Richard Cordray was appointed director of the CFPB. Readers will recall that Cordray received a recess appointment at a time when the Senate was not in recess, as clearly it must be for such an appointment to be valid....
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