Treasury Secretary to Become Bailout Czar under Proposed Financial Institution Takeover Plan
(CNSNews.com) – The Treasury Department last week revealed the details of a proposed government takeover plan for troubled financial institutions that would empower the Treasury secretary to determine when an institution has failed – and whether to bail the institution out or have the government take it over. The proposed legislation would send regulatory powers into uncharted waters, giving the government the power to take over any type of large financial institution.