Sunday, September 21, 2008

Too much power for the Secretary of the Treasury?

Larry Maddill on DailyKos:
So essentially the Treasury Secretary can buy any assets he wants on any terms he likes, he can hire anyone he wants to do it, and he can write any kind of regulation he wants. The Treasury Secretary is now essentially in charge of oversight of the Treasury Secretary, and Congress is abdicating once again its own oversight powers, only getting a report from the Treasury Secretary twice a year.

[...]

Then comes the excessively scary paragraph:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.


Given that we're talking about the Bush administration here, I'm almost certain that this power will be abused. Yes, they may do the necessary work to prevent the economy from crashing. But I bet a lot of Bush cronies will just happen to get fantastically wealthy in the process.

This is why it is so important to have good government: there are times when governments genuinely need extraordinary powers to thwart a crisis. But that's the exact same power that time and time again, the Bush administration has demonstrated is incapable of wielding.

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