U.S. Treasury Secretary Henry Paulson has requested sweeping new powers for the Treasury Department as he seeks $700 billion in government funds to purchase troubled financial assets from firms facing a lack of liquidity or investor confidence. Over the weekend Paulson submitted legislation to Congress that he hopes will see the U.S. economy through the crippling credit crisis. In addition to the requested $700 billion, Paulson has asked that there be no judicial oversight to the plan and that the Treasury Department have sole discretion over which assets should be purchased. “This is not a position where I like to see the taxpayer, but it is far better than the alternative,” Paulson said in an interview on NBC’s “Meet the Press.” It is the government’s position that without this costly and unprecedented intervention, the economy could face a collapse akin to the ...