There was a hearing last week which received scant MSM attention on the idea of the Federal Reserve being Systemic Risk regulator.
In
Fed's Follies & Systemic Risk Regulation are quotes from various experts showing how the Federal Reserve has repeatedly failed to either predict or prevent past financial crises and even worse, actually enabled the current one!
It's pretty astounding testimony with both progressive and conservative experts basically saying giving the Fed more power is a really bad idea.
http://www.economicpopulist.org/content/feds-follies-systemic-risk-regulationThen, if you didn't see this, Ben Nelson (D!) in the Senate, blocked the Federal Reserve audit legislation from even getting introduced!
http://www.economicpopulist.org/content/what-happened-audting-federal-reserve