Considering Greenspan was against regulation and pro derivatives and fired anyone who questioned him I would say yes the FED was the problem. Dodd wants to create three new federal agencies to police banks, protect consumers and dismantle failing institutions. The bill is 1,136 pages. The Fed is not even part of the government even though they want to appear that way. It is time to dismantle the FED and have a true government agency over seeing banks. This will get rid of the criminals who want to fleece Americans while raking in huge bonuses and commissions. Of course the Republicans oppose the bill. Dodd's bill has the following points: --Create a Consumer Financial Protection Agency to protect consumers taking out home loans or using credit cards against predatory lending and surprise interest rate hikes. -- Consolidate federal supervision of banks under a "Financial Institutions Regulatory Administration." -- Abolish the Office of the Comptroller of the Currency and the Office of Thrift Supervision, and strip the Federal Deposit Insurance Corporation and the Fed of their bank supervision duties. -- Create an "Agency for Financial Stability" that would enforce new rules and dismantle complex financial firms if they threaten the broader economy. -- Regulate privately traded derivatives, hedge funds and other private pools of capital so that regulators have a sense of how much risk is being assumed by financial firms. -- Impose new rules on investment rating agencies. -- Limit the Fed's ability to provide emergency loans to mostly healthy institutions, instead of failing firms.

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