See What People Are Saying About... Geithner's Power Grab
It seems Tim Geithner isn't the weakling that some pundits feared he was, just a few days ago.
In fact, he's looking to flex a little more muscle. On Tuesday Geithner told an angry Congress that he wants more authority -- specifically he wants the authority to step in to shut down troubled institutions like American International Group to avoid future government bailouts.
Geithner's call for new authority to take over big non-bank financial companies that run amok was strongly supported by Federal Reserve Chairman Ben Bernanke, who told the same Congressional committee hearing that AIG was a poster-child for the need to update regulation.
In a nutshell, the Treasury wants the same kind of authority over non-bank financial companies that the FDIC has over banks -- they want to be able to step in and shut them down if and when deemed necessary.
And that leads to our Fast Money Reader Poll. Should Congress grant Treasury new authority over non-bank financial institutions?
Got something to say? Send us an e-mail at email@example.com and your comment might be posted on the Rapid Recap! Prefer to keep your comments private? Send those questions and comments to firstname.lastname@example.org.
CNBC.com with wires