The State of Texas is joining a multi-state lawsuit challenging the Dodd-Frank Act, Attorney General Greg Abbott announced Wednesday. Signed into law in 2010, Dodd-Frank was designed to better regulate the financial industry and increase government oversight in the wake of the 2008 financial crisis.

In a suit filed in U.S. District Court, Texas and 10 other states are claiming parts of the act are unconstitutional.

Specifically, the suit challenges a measure known as the Orderly Liquidation Authority, which allows the Treasury Department to dismantle failing financial institutions without warning.

In a statement today, Abbott said it gives too much power to the federal government and puts Texas taxpayer dollars at risk.

“The Dodd-Frank law is bad for banks, harmful to businesses and worse for consumers who want to borrow money,” he said. “The State of Texas could be denied basic due process rights and taxpayers’ dollars could recklessly be put at risk.”

Alabama, Georgia, Kansas, Michigan, Montana, Nebraska, Ohio, Oklahoma, South Carolina, and West Virginia are also parties to the lawsuit.