A Government Power Grab

Michele Bachmann | March 25, 2009 11:10 AM

It's vital that we ask questions of this Administration as it continues to insert itself into the private sector. Most recently, it's reported that the Obama Administration is considering asking Congress to give the Treasury Secretary the authority to take over non-bank financial companies, such as large insurers, investment firms and hedge funds.

Giving the Secretary this authority would be an unprecedented transfer of power to the federal government. The current model for regulating the financial markets relies on independent agencies that are independent from the political process.

I have serious concerns regarding the role of government intervening in the private sector, and I expressed as much yesterday in a Financial Services Committee hearing on AIG with Treasury Secretary Geithner and Federal Reserve Chairman Ben Bernanke. Take a look: