Last year, several parties filed a constitutional challenge to parts of the Dodd-Frank financial reform act. Specifically, a group of private plaintiffs, including a West Texas community bank and the Competitive Enterprise Institute, challenged Dodd-Frank's creation of the Consumer Financial Protection Bureau and the Financial Stability Oversight Counsel, arguing that both violate the Constitution's separation of powers. They also challenged President Obama's "recess" appointment of CFPB Director Richard Cordray. Later, the complaint was amended to add three state plaintiffs who, with the private plaintiffs, raise several challenges to Dodd-Frank's "Orderly Liquidation Authority," which authorizes the Treasury Secretary and FDIC to "liquidate" financial companies outside the long-established rules of bankruptcy. The case is pending in federal court in Washington. In November, the government filed its motion to dismiss; the parties' response is due in late January. In this teleforum, two lawyers representing the private plaintiffs -- Greg Jacob of O'Melveny & Myers and Adam White of Boyden Gray & Associates -- will recap the case's current status and outline the jurisdictional issues raised by the government.
- Hon. Gregory Jacob, Partner, O'Melveny & Myers LLP and former Solicitor of Labor
- Mr. Adam J. White, Counsel, Boyden Gray & Associates
Call begins at 1:00 p.m. Eastern Time.
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Dodd-Frank Litigation Update: Amended Complaint - Podcast