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Vincent Reinhart takes a stand for the Fed not being a regulator itself:

Washington Post: The right role for the Fed, by Vincent Reinhart (resident scholar at the American Enterprise Institute), Dec. 3, 2009

"I have generally supported the Federal Reserve's actions to combat the financial crisis. But I take issue with Ben Bernanke's assertion that the Fed needs to be a bank supervisor to set monetary policy. There is no doubt that the Fed needs bank supervisory information, but it can easily get it from other regulators. The Fed did not supervise many large banks or such large firms as American International Group, Bear Stearns and Lehman Brothers. This did not prevent it from taking appropriate action. Is the Fed saying that it needs to directly regulate all such entities to be effective?"

Source: Excerpt from article linked to above