Administration Seeks Action on Bid for New Powers Over Financial Companies

NEW YORK (AP) - Treasury Secretary Timothy Geithner says the
administration wants Congress to act quickly on legislation that
would give it sweeping new powers to seize financial firms whose
collapse could jeopardize the U.S. economy.
In a speech in New York, Geithner says the country should never
again be faced with having to choose between a meltdown of the
financial system and massive taxpayer bailouts.
The new legislation, which Geithner said will be sent to
Congress this week, would give the administration the power to take
over financial institutions like troubled insurance giant American
International Group Inc.
That would give the administration the same authority to seize
nonbank financial companies as federal regulators have with
insolvent banks.

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