Obama wants Fed to be finance supercop

"... one organization needs to be held responsible for monitoring systemwide risk."

...

By ANNE FLAHERTY

Associated Press Writer

The administration officials said a legislative proposal would likely be sent to Capitol Hill in June with the expectation the House Financial Services Committee, led by Rep. Barney Frank, D-Mass., would consider the measure before the Independence Day recess.
The officials requested anonymity because the meeting had not been publicly announced and they were not authorized to discuss it.

http://news.yahoo.com/s/ap/20090509/ap_on_go_pr_wh/us_financial_meltdown_supercop