With every fiber of my being, I detest the woefully-orchestrated, unbearably intrusive disaster of a legislative package that is the Dodd-Frank Wall Street Reform and Consumer Protection Act. It is the federal government’s attempt at blaming “big banks” and “Wall Street” as the main perpetrators of the financial crisis (instead of big government itself), and then look like they’re oh-so-munificently stepping up and doing something about it. That the law created a “Consumer Financial Protection Bureau” should tell you just about everything you need to know about this regulatory nightmare — in a nutshell, “We’re from the government, and we’re here to help.” It’s damn near frightening.
It therefore pleases me to no end that someone is looking to mount an opposition against President Obama and the Democrats’ ghastly attempt at financial reform, and about time, too. James Pethokoukis reports that a Texas bank is filing a challenge against the Dodd-Frank Act, arguing that certain aspects of the Consumer Financial Protection Bureau and the Financial Stability Oversight Council violate the U.S. Constitution’s separation of powers — and it feels so good. From the press release:
TEXAS COMMUNITY BANK, SENIORS AND FREE ENTERPRISE GROUPS FILE SUIT CHALLENGING DODD-FRANK
Unchecked Power of Consumer Financial Protection Board Unconstitutional
WASHINGTON, D.C., June 21, 2012 – The State National Bank of Big Spring, Texas, today filed a lawsuit asking the U.S. District Court for the District of Columbia to hear its case challenging the constitutionality of provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Competitive Enterprise Institute and the 60 Plus Association are also joining this community bank as plaintiffs in the same action, requesting the Court to invalidate the law because of the unprecedented, unchecked power it gives the government.
“No other federal agency or commission operates in such a way that one person can essentially determine who gets a home loan, who can get a credit card and who can get a loan for college,” said Jim Purcell, CEO of State National Bank. “Dodd-Frank effectively gives unlimited regulatory power to this so-called Consumer Financial Protection Board, also known as CFPB, with a director who is not accountable to Congress, the President or the Courts. That is simply unconstitutional.” …
Along with ObamaCare, Dodd-Frank is supposed to be one of the Obama administration’s crowning legislative achievements — and whether or not the Supreme Court strikes down ObamaCare, we already know that the majority of Americans are not fans of the government’s massive intrusion into both their personal lives and the free market. I haven’t the foggiest idea whether this latest challenge will pick up any steam, but I think a little judicial attention to Dodd-Frank is precisely what the doctor ordered.