I don’t know whether it’s a point in my favor or not that I think I understand what Rep. Michele Bachmann, R-Crazytown, is trying to argue here:
Bachmann is trying to argue that Congress didn’t have the Constitutional authority to pass TARP. Of course, she’s completely wrong about that, and she made her argument so haphazardly that Tim Geithner can be forgiven not for understanding her.
As for the question she actually asked, the answer is pretty simple: the Treasury is acting under authority granted by Congress, under Article I of the U.S. Constitution. Article I regulates the Congress, of which Michele Bachmann is, sadly, a member. You would think that being a member of Congress would spur Michele to understand things like the elastic clause and the way Congress has functioned for roughly the last 200 years or so, but this is Michele Bachmann we’re talking about, a woman who is widely considered by members of both caucuses to be completely insane.