The administration is pushing the idea of an overarching regulator, such as the Federal Reserve, to have the ability to take over nonbank financial entities whose failure could topple the entire banking system
Simply put, it would give them the discretionary power to decide which companies need to be seized by the government.
Even if it wasn't so obviously socialist, does anyone believe that kind of power isn't going to be abused?
Wake up people! They're trying to take control of everything, and decide where everyones' money goes, and who can do what, and make what, and what they can do with it.