BUSINESS
04/24/2009 05:12 am ET Updated May 25, 2011

Unprecedented Powers For Geithner Requested By Obama Administration

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

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