ON AIR NOW

LISTEN NOW

Weather

cloudy-day
50°
Clear
H 70° L 32°
  • cloudy-day
    50°
    Current Conditions
    Clear. H 70° L 32°
  • clear-night
    33°
    Morning
    Clear. H 70° L 32°
  • clear-day
    48°
    Afternoon
    Sunny. H 52° L 33°
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.

  • The Broken Arrow Police Department now has an Unmanned Aerial System Program, better known as a drone. They say it will be used for Crime and Collision Scene Investigation, Emergency Management Incidents, Search and Rescue Operations, and Tactical Situations. They make a point to point out it won't be used for Routine Patrol, Warrantless Searches, or as a Weapons Platform. The drone was made possible by a donation from alumni of the Citizens Police Academy.
  • A scuffle with and Oklahoma police officer led to the death of a man over the weekend. Oklahoma City Police Sgt. Robbie Robertson says an officer responded to a request to check on a person lying on the side of the road. Police say when the fight started after the officer approached the man. He knocked her pepper spray away. She then attempted to use a Taser and he took that from her and tried to use it on her. Robertson says the officer then drew her gun and fired, killing the man. The officer has been taken to a hospital with non-life threatening injuries to her face and hands.
  • In a spirited series of exchanges in the White House Briefing Room, Press Secretary Sarah Huckabee Sanders batted away questions about women who have accused President Donald Trump of sexual misconduct in the past, as Sanders ripped the news media for misleading stories on other subjects. “The President has addressed these accusations directly and denied all of these allegations,” Sanders said in the first of a number of questions about the subject. Three of the women who have alleged sexual misconduct urged Congress on Monday to investigate the claims against the President. The White House basically countered that it was old news. “This took place long before he was elected to be President,” Sanders told reporters. “The people of this country, in a decisive election, supported President Trump. 'The president has addressed these accusations directly and denied all of these allegations, and this took place long before he was elected to be president,' @PressSec says of women accusing Pres. Trump of sexual misconduct https://t.co/4NAJSB2AXV pic.twitter.com/NFHJzIU0xP — CBS News (@CBSNews) December 11, 2017 As for the accusations of sexual misconduct leveled by over a dozen different women, some Democrats in the Congress on Monday said it’s time for a public accounting of what really happened. ‘This is not about politics. This is not about policy,” Sen. Jeff Merkley (D-OR) said in a fundraising email entitled, “Why Donald Trump must resign,” as several Democrats publicly called for that outcome. “At least 17 women have accused Donald Trump of horrific sexual misconduct, and I believe them,” Merkley added. “Congress must investigate allegations by many, many women that he sexually assaulted and harassed them,” wrote Sen. Ron Wyden (D-OR) on Twitter. “No one is above the law.” Things got more testy over news coverage of the Trump White House in a later exchange between Sanders and CNN correspondent Jim Acosta. Reporter: 'I would say that journalists make honest mistakes and that doesn't make them fake news.' @PressSec: 'When journalists make honest mistakes, they should own up to them. A lot of times you don't.' pic.twitter.com/WsTV0eFKXM — CBS News (@CBSNews) December 11, 2017 “You cannot say that it’s an honest mistake when you are purposely putting out information that you know to be false,” Sanders said.
  • The Latest on the explosion in Manhattan in an underground passageway (all times local): 9:55 a.m. Police have identified the 27-year-old man who detonated an explosive device strapped to his body in the New York City subway. Police say Akayed Ullah intentionally exploded the crude device in a passageway under Times Square during the morning rush hour Monday. They say he is in custody. They say the device is a crudely-made pipe bomb. Authorities called the incident an attempted terrorist attack. Three others suffered minor injuries, including headaches and ringing in the ears. The suspect had burns on his abdomen and also to his hands. Law enforcement officials say he was inspired by the Islamic State, but had apparently not had any direct contact with the terror group. ___ 9:45 a.m. Police Commissioner James O'Neill says the device that exploded in the New York City subway was a terror-related incident. A 27-year-old man had a crude pipe bomb strapped to him and it went off in a passageway from Seventh and Eighth Avenues near Times Square. Three people suffered minor non-life-threatening injuries. The suspect was also injured and was taken into custody. Mayor Bill de Blasio says the device that exploded in the New York City subway was an attempted terrorist attack. He says it's lucky the suspect didn't achieve his ultimate goals. Law enforcement officials say he was inspired by the Islamic State, but had apparently not had any direct contact with the terror group. ___ 9:40 a.m. A photo published by the New York Post from the scene of the Manhattan subway explosion shows a bearded man crumpled on the ground with his shirt apparently blown off and a police officer holding the man's hands behind his back. Soot covers the man's bare midriff. The Fire Department of New York says four people, including the suspect, have been hurt following the pipe bomb explosion at the height of the morning rush hour Monday. None of the injuries are believed to be life-threatening. A law enforcement official tells The Associated Press that a man had a pipe bomb strapped to him when it went off. The official spoke on condition of anonymity because they were not authorized to speak on the incident. ___ 9:30 a.m. The Fire Department of New York says four people, including the suspect, have been hurt following a pipe bomb explosion in a New York City subway at the height of the morning rush hour. Fire officials say Monday none of the injuries are believed to be life-threatening. Police say the pipe bomb explosion inside the subway happened in an underground passageway between Seventh and Eighth Avenues on 42nd Street. A law enforcement official tells The Associated Press that a man had a pipe bomb strapped to him when it went off. The official spoke on condition of anonymity because they were not authorized to speak on the incident. ___ 9:15 a.m. Police say the pipe bomb explosion inside the New York City subway happened in an underground passageway between Seventh and Eighth Avenues on 42nd Street. The explosion filled the passageway with smoke while it was crowded with throngs of Monday morning commuters. A law enforcement official tells The Associated Press that a man had a pipe bomb strapped to him when it went off. The official spoke on condition of anonymity because they were not authorized to speak on the incident. The person was arrested and has non-life-threatening injuries. Another person on the platform sustained non-life-threatening injuries. The Port Authority Bus Terminal, the nation's largest bus hub, was shut down, along with the eight subway lines and all streets around Times Square. ___ 8:45 a.m. A law enforcement official tells The Associated Press that a man had a pipe bomb strapped to him when it went off on a NewYork City subway platform. The explosion happened around 7:30 a.m. Monday. Details were still developing. The person was arrested and has non-life-threatening injuries. Another person on the platform sustained non-life-threatening injuries The official spoke to The Associated Press on condition of anonymity because they were not authorized to speak publicly about the incident. White House Press Secretary Sarah Sanders has tweeted that President Trump has been briefed on the explosion. ___ 8:40 a.m. New Jersey Transit buses headed to the Port Authority Bus Terminal are diverting to other locations following an explosion in New York City. NJ Transit says buses are taking passengers to Secaucus and Hoboken. From there, they can take trains or PATH into the city. Trains, PATH, light rail and ferries are honoring bus tickets into New York. The explosion happened around 7:30 a.m. Monday. Details were still developing. Passengers were evacuated as a precaution from the subway line where the explosion happened, near 40th Street and Eighth Avenue. A person was arrested and has non-life-threatening injuries. ___ 8:25 a.m. A law enforcement official says what is believed to be an explosive device has been set off on Manhattan subway platform. The explosion happened around 7:30 a.m. Monday. Details were still developing. A person was arrested and has non-life-threatening injuries. There was no immediate word of any other injuries. The official spoke to The Associated Press on condition of anonymity because they were not authorized to speak publicly about the incident. Passengers were evacuated as a precaution from the subway line where the explosion happened, near 40th Street and Eighth Avenue. — Associated Press writer Colleen Long ___ 8 a.m. The New York Police Department says it is responding to a report of an explosion near Times Square. The response is centered in the area of the Port Authority bus terminal. It's led to delays along some of the subway lines that pass beneath the bus terminal. Some passengers have been evacuated as a precaution. There were no immediate reports of injuries.
  • A law enforcement official tells The Associated Press that a man had a pipe bomb strapped to him when it went off on a New York City subway platform. The explosion happened around 7:30 a.m. Monday. Details were still developing.The person was arrested and has non-life-threatening injuries. Another person on the platform sustained non-life-threatening injuriesThe official spoke to The Associated Press on condition of anonymity because they were not authorized to speak publicly about the incident.White House Press Secretary Sarah Sanders has tweeted that President Trump has been briefed on the explosion.