Dodd-Frank’s destructive economic impact continues to grow week by week. Last June, CEI and two other plaintiffs, the State National Bank of Big Spring, Texas, and the 60 Plus Association, filed a lawsuit challenging the constitutionality of several major parts of the law. In September, the states of Michigan, Oklahoma, and South Carolina joined the lawsuit.
Yesterday, the government filed a motion to dismiss the suit. The government contends that the constitutional issues raised by this massive law are not ripe, and that none of plaintiffs have standing to raise them.
Constitutional litigation, however, is not a matter of closing the barn door after the horses have bolted and rampaged the town. We believe that the issues raised in this case are ripe, and that plaintiffs are entitled to adjudicate them. And our basis for saying this will be fully set out in our response to the government’s motion.