[jeremiah]

Actually the Fed is the right place to do this because it is banking not securities. Wall Street and its flora and fauna are fairly well regulated, but the "shadow banking system" is not, and much of the current housing loan crisis is due to the lack of the Fed using its already granted regulatory powers.

What we need is a Fed chairman who believes that regulation makes for more transparent and effective credit markets, not one that follows the political dictates of questionably informed politicians.