The Obama administration is seeking congressional approval for the authority to seize troubled non-banking firms. The proposal would grant regulators powers similar to those of the Federal Deposit Insurance Corporation over banks. The government could cancel contracts, including bonuses, as well as sell off company assets or debts. Speaking before the House Financial Services Committee Tuesday, Treasury Secretary Timothy Geithner and Federal Reserve Chair Ben Bernanke said the proposed new authority could have prevented the government bailout of AIG had it been in place. The House Financial Services Committee is expected to vote on the proposal next week.