Congressman Don Manzullo (R-IL) questions Treasury Secretary Timothy Geithner on the Administration's dramatic new plan to regulate financial services companies. Manzullo is concerned the plan goes too far and will give the government the power to seize private companies and set executive compensation limits, interfering with our free market system.
The "radical" comments are at the 3:30 mark.
In testimony before the House Financial Services committee that just adjourned, Treasury Secretary Tim Geithner just had to defend his institutional takeover plan against charges of radicalism.
"Do you realize how radical your proposal is?" Rep. Donald Manzullo (R-Ill.) asked.
"It's not radical. . ." Geither began, before Manzullo interrupted him.
"You're talking about seizing private businesses and you don't consider that radical?" Manzullo replied, his voice rising.
Manzullo is trying to get Geithner to give details of the plan -- that's where Geithner got stung before -- but Geithner doesn't have them yet.
"If the plan were not radical," Manzullo said to Geithner, "you would have answers to some of my questions, such as, what size business would be subject to this?"