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. They could seize any company they want for any price they want.
The government at present has the authority to seize only banks. Now they will totally control all private business. If they chose they can take over control.
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 administration plans to send legislation to Capitol Hill this week. Welcome To the Soviet States of Amerika.