The U.S. Treasury and Congress are putting pressure on the Fed to disclose its governance policies.

Almost three months ago, on June 17, the Obama administration proposed a regulatory overhaul including a "comprehensive review of the Fed's ability to accomplish its existing and proposed functions."

There is some confusion as to why the Treasury is undertaking this task. The Fed was created by Congress to be independent of the executive branch and Congress.

"Close them down, get them out of business. If they're dead, they ought to be buried," he said on ABC's "This Week" program. "We bury the small banks. We've got to bury some big ones and send a strong message to the market."

Republican Senator John McCain is joining the growing ranks of "Let General Motors (NYSE: GM) file for bankruptcy" advocates.

"The best thing that could probably happen to General Motors, in my view, is they go into Chapter 11," he told Fox News yesterday. A bankruptcy filing, he explained, would allow the company to more quickly restructure itself to become "stronger, better, leaner."

Speaking on ABC, Senator Richard Shelby echoed his sentiments, saying that "subsidization of anything for very long never works. . . I've suggested they go into Chapter 11. That's where they belong. And they could reorganize."