financial institution

The New York Times leads with the White House's proposal to allow the government to take control of any financial institution that is in trouble and is considered big enough to create trouble in the broader financial system. The government already has that power with banks and other deposit-taking institutions, but the proposal would extend that authority to other financial institutions such as insurance companies and hedge funds. House Democrats say they hope to act on legislation soon. If the measure is approved, "it would represent one of the biggest permanent expansions of federal regulatory power in decades," notes the NYT.