Hi, Zippy.
The authority to bind and loose was given first to Peter...
And I say also unto thee, That thou are Peter, and upon this rock I will build my church; and the gates of hell shall not prevail against it. And I will give unto thee the keys of the kingdom of heaven: and whatsoever thou shalt bind on earth shall be bound in heaven: and whatsoever thou shalt loose on earth shall be loosed in heaven. Matt. 16:18-29
...and then to the chosen apostles collectively.
Verily I say unto you, Whatsoever ye shall bind on earth shall be bound in heaven; and whatsoever ye shall loose on earth shall be loosed in heaven. Matt. 18:18
This was because the Twelve needed the authority to act on Jesus' behalf when He would ascend to heaven to prepare the place that He would later deliver to them on earth at His return. So He gave them authority to act in His absence with the very authority of both Himself and the Father.
Again I say unto you, That if two of you shall agree on earth as touching anthing that they shall ask, it shall be done for them of my Father which is in heaven. For where two or three are gathered together in my name, there am I in the midst of them. Matt. 18:19-20
He even gave them the authority to remit or retain sins.
And when he had said this, he breathed on them, and saith unto them, Receive ye the Holy Ghost: whose soever sins ye remit, they are remitted unto them; and whose soever sins ye retain, they are retained. John 20:22-23
This was authority given to the chosen apostles to act on Christ's behalf while He wasn't physically there. Makes sense, since they would be judges in His kingdom.
And Jesus said unto them, Verily I say unto you, that ye which have followed me, in the regeneration when the Son of man shall sit in the throne of his glory, ye also shall sit upon twelve thrones, judging the twelve tribes of Israel. Matt. 19:18
All this has nothing to do with the Catholic priesthood. They have no power to bind or loose, to remit or retain sins. When we believe in Christ's finished work on the cross and in His resurrection, then our sins are forever forgiven.
And you, being dead in your sins and the uncircumcision of your flesh, hath he quickened together with him, having forgiven you all trespasses... Col. 2:13
How can any man (like a Catholic priest) absolve another man's sins, when Christ has already taken care of that?
Randy