Economy

March 24, 2009 11:50 AM

Geithner seeks expanded power to take over financial firms

Treasury Secretary Tim Geithner called Tuesday for new powers to regulate giant non-bank financial companies such as insurance titan AIG, whose failure would endanger the U.S. economy. In a rare joint appearance before the House Financial Services Committee, Geithner and Federal Reserve Chairman Ben Bernanke said the AIG experience underscores that the Treasury needs to be able to take over failing financial institutions expeditiously.

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