ON AIR NOW

LISTEN NOW

Weather

cloudy-day
49°
Sunny
H 74° L 47°
  • cloudy-day
    49°
    Current Conditions
    Sunny. H 74° L 47°
  • clear-day
    69°
    Afternoon
    Sunny. H 74° L 47°
  • clear-night
    65°
    Evening
    Clear. H 74° L 47°
LISTEN
PAUSE
ERROR

Krmg news on demand

00:00 | 00:00

LISTEN
PAUSE
ERROR

Krmg traffic on demand

00:00 | 00:00

LISTEN
PAUSE
ERROR

Krmg weather on demand

00:00 | 00:00

Local
Oklahoma joins lawsuit to stop Dodd-Frank financial reforms
Close

Oklahoma joins lawsuit to stop Dodd-Frank financial reforms

Oklahoma joins lawsuit to stop Dodd-Frank financial reforms

Oklahoma joins lawsuit to stop Dodd-Frank financial reforms

Oklahoma recently joined a lawsuit seeking to stop parts of the Dodd-Frank Act, the reform of financial regulations signed into law by President Obama in 2010.

Oklahoma Attorney General Scott Pruitt says the law consolidates too much power in the hands of the U-S Treasury Secretary.

Pruitt says, "One person can make a decision to liquidate a bank. And all that protects that bank is 24 hours."

That's the amount of time from when  the Treasury Secretary orders a bank's liquidation to when the order would take effect.

Oklahoma joins South Carolina and Michigan in suing to stop Dodd-Frank.

Here's the Attorney General's news release on why the state is joining the suit:

OKLAHOMA CITY – The State of Oklahoma has joined a lawsuit challenging the constitutionality of Dodd-Frank, a sweeping financial overhaul designed to “fix” the financial crisis.

Oklahoma, South Carolina and other attorneys general joined a lawsuit originally filed by National Bank of Big Spring (Texas) in June 2012. The lawsuit, which was filed in U.S. District Court for the District of Columbia, challenges the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that give unchecked and unlimited power to government regulators and put Oklahoma taxpayers at risk.

Oklahoma Attorney General Scott Pruitt, who has led the discussion over the constitutionality of Dodd-Frank, said Oklahoma joined the lawsuit to protect Oklahoma’s assets and other state interests.

“Dodd-Frank gives regulators unprecedented and unchecked authority to make significant decisions that affect Oklahoma families and businesses with little, if any, meaningful ability for our state pensions and community banks to recover,” Pruitt said. “We must challenge Dodd-Frank to protect Oklahoma taxpayers and our financial stability. The law puts at risk the pension contributions and tax dollars that the people have entrusted us to protect.”

South Carolina will join Oklahoma in addition to the original lawsuit’s plaintiffs – Competitive Enterprise Institute, the 60 Plus Association and the Texas community bank. The plaintiffs are requesting the Court invalidate Dodd-Frank because of the unprecedented, unchecked power it gives the government and the unforeseen damage it will do to America’s fragile economy and taxpayers’ wallets.

“Dodd-Frank replaces the rule of law with the rule of politics,” South Carolina Attorney General Alan Wilson said. “The new regulations do not stabilize our economy, they create greater uncertainty. As a result, States cannot allow our taxpayers, our investments or the
Constitution to be subject to such financial risk.”

The state attorneys general are challenging Title II of the act that gives singular power to the Treasury Secretary to liquidate banks with only 24 hours’ notice and no notice for creditors. The private plaintiffs are also challenging Title X, the Financial Stability Oversight Council and the Consumer Financial Protection Bureau.

“Dodd-Frank shatters some of the most important rights we have in the marketplace and threatens our investments,” Pruitt said. “Our taxpayers could bear enormous burdens in making up for lost assets that were intended to cover retired state employees or to otherwise fund government services and infrastructure.”

Read More
VIEW COMMENTS

There are no comments yet. Be the first to post your thoughts. or Register.

  • Days before an explosive 60 Minutes story on a bill that seemingly gutted the DEA’s ability to curb the nation’s opioid epidemic, Senator James Lankford was in Tulsa for a town hall meeting at which he addressed the problem of opioids at length. He showed the audience of a map that showed the explosion of opioid-related deaths in the country between the years 2011 to 2015. Most of the central time zone was fairly white, but one state jumped out because it was nearly filled with red - Oklahoma. “It’s not about wealth and poverty, it’s not about one county or another,” Lankford told the audience. “You can look at that map of Oklahoma and see it’s across the state - rural, urban, suburban, it’s everywhere.” He pointed out that Congress had passed a bill about 18 months ago to address the issue, but clearly, there’s a lot of work to be done. And lawmakers alone, he said, can’t solve the problem. “I’m going to ask us to have family conversations to say ‘why? Why is this a bigger problem in opioids in our state, and not in the states around us?’” He did sound a couple of hopeful notes. He and some of his fellow senators lobbied to end the practice of requiring hospitals to prove all their patients were “pain free” on discharge in order to get full compensation from the Centers for Medicare & Medicaid Services. Also, he said, thirty pharmaceutical companies are now working together and sharing research to develop pain relievers that are not addictive.
  • Even as President Donald Trump urged Senators on Monday to find a bipartisan deal on short-term fixes to the Obama health law, the consensus among health insurance experts is that Mr. Trump’s decision last week to no longer make payments to insurance companies to cover the health-related costs of some Americans might actually cost the federal government billions more in the years ahead. At issue is the “Cost Sharing Reduction” payments that had been made by the Obama and Trump Administrations – that money helps subsidize insurance costs of some consumers in the Obamacare exchanges. Those payments were never expressly approved by the Congress, leading many Republicans to charge that the spending had been illegal, and spurring the President to block the payments. And that’s where the subject gets a bit complicated. “The Congressional Budget Office estimated that not funding CSR would lead to a net increase of $194 billion in more spending over the next decade,” said health care researcher David Anderson of Duke University. Repealing CSR could increase federal deficit. No CSR = Higher Premiums = Higher APTC = increased federal deficit. https://t.co/NPWFjAKGUw — Thomas Tsai (@Thomasctsai) October 13, 2017 But wait – how would halting an expected $10 billion in payments in 2018, a move that would save Uncle Sam money – how would that lead to such a big cost for the feds over the next decade? “While the federal government would save money by not making CSR payments, it would face increased costs for tax credits that subsidize premiums for marketplace enrollees with incomes 100-400% of the poverty level,” wrote officials of the Kaiser Family Foundation, which focuses on health care policy matters. In other words, different subsidies doled out under the Obama health law would go up as insurance companies raise premiums to deal with the loss of the CSR federal payments – those are known as “Advance Premium Tax Credits,” which can go to families of four with a yearly income of up to $97,000. Who Bears the Brunt With the End of ACA Cost-Sharing Subsidy Payments? https://t.co/pMhUQwvpeC by @larry_levitt — Kaiser Family Found (@KaiserFamFound) October 16, 2017 “The biggest effect from the termination of cost-sharing subsidy payments is that premiums are going up to offset the loss,” said Larry Levitt of Kaiser, who labeled the impact of the Trump CSR decision, “confusing and complicated.” One example of that started to appear on Monday in in Pennsylvania, as state officials said health coverage “rates will increase by an average 30.6 percent in the individual market ,” instead of by 7.6 percent. One recent story from the Miami Herald found that the Trump move on CSR payments would mean a big increase for Florida in the amount of federal dollars spent to subsidize those who get their health insurance through the Obamacare exchanges in that state. Some experts argue that Mr. Trump’s decision will have the biggest negative impact on insurance rates in states that are normally in the Republican column – especially if those states did not move to expand the Medicaid program during the Obama Administration. In recent months, a bipartisan group of Senators had been working to figure out a way to tinker with the Obama health law, and make sure the CSR payments were made by Congress, led by Sen. Lamar Alexander (R-TN), who told reporters on Monday evening that he had already spoken with the President about his CSR decision. Alexander on his call with TRUMP: 'He said 'I don't want people to suffer.' Those are his words.' — Peter Sullivan (@PeterSullivan4) October 16, 2017 Some GOP Senators have grumbled in recent weeks about the talks between Alexander and Sen. Patty Murray (D-WA), worried that it will contain little in the way of concessions by Democrats on the operations of the Obama health law. That’s a concern for Republicans in the House as well, and could lead to a stalemate in Congress on any short-term effort to deal with the Obama health law. “At this time, in my opinion, doing nothing is an acceptable outcome for liberal policy preferences while doing nothing moves policy further away from stated conservative policy preferences,” said Anderson of Duke University. “I want to get healthcare that’s much more affordable and much better healthcare, and that’s what we’re doing,” the President said on Monday when asked about the CSR payments decision. What that exactly means for the President is still not clear.
  • Careful with that 'one-click ordering' on Amazon. You might accidentally order a HOUSE. PopSugar.com came across a company on Amazon that modifies shipping containers into a fully-functional, fully furnished 360-square foot house. It comes complete with heat and AC, a kitchenette with appliances, and a bathroom with toilet, shower, and sink. If you've got the land, you can buy the house for $36,000. But if you’re really interested, do your homework on local zoning laws. Some online reviews caution that some towns and cities don’t allow the container houses. You can read more about the story here.
  • DeBarr Avenue is named after Edwin DeBarr, a former University of Oklahoma professor and KKK grand dragon.  The Oklahoman reports that the university's student government association passed a resolution last month to support efforts to rename DeBarr Avenue.  Norman City Councilwoman Breea Clark also posted an online petition in March asking residents to help change the name.  DeBarr was one of the first professors at the University.   He became a KKK grand dragon while at the school and was forced out in 1923 because of his Klan involvement.   The university also removed Debarr's name from one of its buildings.    
  • With a lot of work still needed in Congress on key items of President Donald Trump’s legislative agenda, Mr. Trump met for lunch on Monday with Senate Majority Leader Mitch McConnell, giving off no signs of any ill will despite some sparring in the past, as both men vowed to push ahead on plans for major tax cuts and reform, emphasizing the need to get that done by the end of 2017. “We’re fighting for the same thing – we’re fight for lower taxes, big tax cuts – the biggest tax cuts in the history of our nation,” the President said at a hastily assembled meeting with reporters in the White House Rose Garden. “I want to underscore what the President said – we have the same agenda,” McConnell said, standing next to the President the entire time, as reporters verbally jostled to get his attention during a somewhat raucous Q&A that had not been on the original schedule for Mr. Trump. “My relationship with this gentleman is outstanding,” Mr. Trump said of McConnell, not mentioning some of his tough statements and tough tweets about the Senate GOP leader in the past. Here is the full Trump news conference, with McConnell: