Furthermore, the logical conclusion of this legislation is that it would circumvent the concept that Congress should oversee monitoring agencies. Critics of the proposal argue that with regulatory power, the Fed would work more in favor of large financial companies because they pose as more of a danger to the financial system if they fail. But Frank himself has been a sharp critic of the Fed, once threatening to remove its consumer protection powers. Just leave it to our forgetful elected officials to stamp the Fed with the now infamous too big to fail label.

Frank’s proposal, however, has yet to be penned, and he is also considering giving the power to a new and separate agency — a much more feasible concept. In an era of big bailouts of big banks, concentrated size and power should be counter-intuitive.