Bailout proposal grants sweeping powers to Paulson, but are they legal?
Marcia Coyle / Staff reporter

In the massive financial bailout proposal, Treasury Secretary Henry Paulson may assume powers seemingly akin to an economic Man of Steel. But would they be constitutional? A provision in the administration's bailout legislation essentially granting the secretary carte blanche in order to protect the economy raises red flags, say legal scholars.

Was the IWR legal?

"Section 8 - Powers of Congress:

...To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water..."

http://www.usconstitution.net/const.html#A1Sec8