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Wednesday, March 25, 2009

U.S. Seeks Expanded Power to Seize Firms

By Binyamin Appelbaum and David ChoThe | Washington Post Staff Writers | Tuesday, March 24, 2009

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.

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.



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