February 15, 2013 -- Professor Kenneth Klee commented on a lawsuit filed by eight states claiming that portions of Dodd-Frank are unlawful. His comments appear in a Washington Post article.
Kenneth Klee, a law professor at UCLA, points out that the states’ major argument in the lawsuit — that Dodd-Frank violates states’ rights under the new bankruptcy provision — doesn’t hold up. ”States don’t have rights on bankruptcy law — Congress could prescribe anything at any time. There’s no vested property interest there,” he explains.
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