Can someone tell me what the government’s definition of “Financial Institution” is?

U.S. Seeks Expanded Power to Seize Firms
Goal Is to Limit Risk to Broader Economy

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

The government at present has the authority to seize only banks.

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and also:

U.S. Plan Seeking Expanded Power in Seizing Firms

WASHINGTON — The Obama administration and the Federal Reserve, still smarting from the political furor over the bailout of American International Group, (AIG) began a full-court press on Tuesday to expand the federal government’s power to seize control of troubled financial institutions deemed too big to fail.
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Meanwhile, back in TARP, which I’m pretty sure passed, did it not?:

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.

NECESSARY ACTIONS.—The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation, the following:
Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required.

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Guys, either Obama, Geithner and the rest of the Republican/Democrat regime don't even know the laws they've been lobbying for and passing...or they're after something more than they're telling. Because without a doubt, they already have the power they're asking for now. And for the record, I warned against it back when Bush and Obama and McCain were all lobbying for the power back then too. (JPM)

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