The Federal Reserve started as a government sponsored banking cartel to solve a specific problem. It was not intended to be a regulatory agency until not that

The Federal Reserve started as a government sponsored banking cartel to solve a specific problem. It was not intended to be a regulatory agency until not that many years ago, and is not appropriate for the job. Bank and consumer finance regulation should fall under the Treasury Department or the Commerce Department somewhere. There are agencies that have similar responsibilities now. Those agencies should be regulating the banks, not the banks or some subsidiary of a banking cartel regulating themselves. The recent bank failures are a case in point.