http://finance.yahoo.com/news/Obamas-plan-for-Fed-worries-apf-869253138.html?x=0&sec=topStories&pos=1&asset=&ccode=
One can only hope the voice of common sense overrules the FED lunacy
President Barack Obama's plan to transform the Federal Reserve into a super-regulator ran into skepticism Thursday from lawmakers who worry that the central bank is not the best suited to keep an eye on firms deemed so big and influential that their demise could hurt the economy.
Democrats and Republicans voiced misgivings as Treasury Secretary Timothy Geithner began a marathon day of selling Obama's financial regulatory plan to give the Fed more authority, create a new consumer protection agency and bring unregulated sectors of the financial markets under government oversight.
"I do not believe that we can reasonably expect the Fed or any other agency to effectively play so many roles," said Sen. Richard Shelby, R-Ala., noting that it also sets monetary policy, regulates banks and handles an array of other functions.
Some lawmakers have called for a council of regulators, not a single agency, to oversee and regulate large institutions.
The administration did propose a council to watch for products and trends that could pose widespread risks, but chose not to give it regulatory power to supervise specific institutions
