A conservative policy group has challenged the constitutionality of the Dodd-Frank Act on grounds that the law’s creation of the Consumer Financial Protection Bureau exceeds Congress’s authority, a line of reasoning almost identical to a legal challenge of the Sarbanes-Oxley Act that went all the way to the U.S. Supreme Court.
The group, the Competitive Enterprise Institute, filed its lawsuit in federal district court in Washington, D.C., on Thursday. Its co-plaintiffs were State National Bank of Big Spring, Texas, and the 60 Plus Association, another conservative group that bills itself as “the conservative alternative to the AARP.”
