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Congress to give Treasury secretary unprecedented powers to initiate seizure

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posted on Mar, 24 2009 @ 02:14 PM

U.S. Seeks Expanded Power to Seize Firms
Goal Is to Limit Risk to Broader Economy

By Binyamin Appelbaum and David Cho
Washington Post Staff Writers
Tuesday, March 24, 2009; A01

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

The government at present has the authority to seize only banks.

Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president's Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.

The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury's role, are still in flux.

Yes yes to skeptic1 you have my most sincere apologies I looked to see if this had already been posted and did not see anything so I encourage all of you to render the worm to the earliest bird and post
Here please

Again I'm truly sorry skeptic

- Aermacci

[edit on 24-3-2009 by Aermacchi]

posted on Mar, 24 2009 @ 02:16 PM
That's good? I think...
Maybe not. I'll probably be the only one to think it's good.
Better than them just failing and more people losing jobs and more domino effect, IMO.
*braces for backlash*

Not just bailouts! Not just bailouts, though!! Not like AIG!!!

Help for the companies that actually help the country, with strict guidelines about what the money can be used for and over what the company does.

[edit on 3/24/2009 by ravenshadow13]

posted on Mar, 24 2009 @ 02:17 PM

Already exists here .

posted on Mar, 24 2009 @ 02:44 PM
reply to post by ravenshadow13

I am no financial whiz by any means but for me I think its bad because it is the end of the free market.
When something fails,another pops up in its place.They are not allowing that to happen.
It could be because things are THAT bad that they have to but I still think they are making a mistake.
By doing what they are doing they are gaining too much control over the markets so they are not free market systems anymore.This is more like control the caos instead of letting it play out as a free market should.
I have always believed in our spirit as human beings to get thru any hardships we have come across.
I can't see much of a silver lining to this cloud unless it actually saves the economy.
A humanitarian motive is better then an economic one...the problem here is trying to be economically humane.

Happy belated btw.

[edit on 24-3-2009 by DrumsRfun]

posted on Mar, 24 2009 @ 02:49 PM
reply to post by Aermacchi

And how long before they apply this kind of thinking to other businesses that they want to get rid of??? A new kind of eminent domain.

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