Between them, the Working Group of Investors (led by former Presidents of the Commission of securities, William Donaldson and Arthur Levitt), which brings together some of the nation’s largest money managers, has manifested itself in favour of the creation of an independent agency acting as a caretaker management of risk throughout the financial system. The proposed agency – the Board for oversight of systemic risk or SROB – would have permanent staff and independence of government agencies and financial institutions, which have the positive side not be subjected to another type of interests but by its design, would have difficulty to coordinate actions with the rest of the bodies involved in the stability of the financial system. Also part of the U.S. Senate the idea of a regulatory EDF’s financial system generates resistance because it is considered that the Fed has too many functions (deals with monetary policy, international banking, consumer protection and the role of lender of last resort) and to develop a more role. In this regard, it must be recognized that the multiplicity of functions can remove effectiveness to the main objectives since the Fed must find a balance between all of them which has limited instruments. Certainly should not surprise the controversies that creates the possibility of a greater power for the Fed, especially considering the poor performance that has had in preventing the development of the crisis. Is that if wants it seeing thus how best to regulate the financial system had so far the Fed to do so through a sufficiently prudent monetary policy to prevent the emergence of financial bubbles?