Bernanke believes that such a task is beyond the capabilities of a single individual supervisor, hence the need for a council of regulators. He said: "Instead we seek to marshal the collective expertise and information of all financial supervisors to identify and respond to developments that threaten the stability of the system as a whole."

In addition Bernanke wants a new "special resolution authority to wind down failing systemically important financial institutions."

Finally, he wants the consumer protected from unfair and deceptive practices in their financial dealings.

From a cursory reading of the proposal, we must ask ourselves: Is the Fed overextending its reach into our entire financial fabric? We already know that it was excessive greed and speculation that took our financial system down. Over the past ten years, the Fed has either been asleep at the switch or didn't care about the dangers that the bankers were creating. What is to say that now even with a council that things will be different.

Instead of all these political maneuvers, why doesn't the Fed simply force the bankers and traders to put all of their trades "on the books" and force them to trade on listed exchanges and stop all of the "under the table" transactions. In other words you need transparency for each and every trade made by each and every financial institution, otherwise all the councils in the world cannot track the situation. All of this data can be put on computers and monitored on a daily basis. Then if a bank or other financial institution steps beyond established boundaries, it is shut down immediately.