There is no chance of Dodd succeeding unless the Fed was in control of everything IMO. Perhaps that's their goal? Congress has already given them the reigns with voting in the $700 billion stimulus package but that number will quickly go to 2 Trillion: http://www.reuters.com/article/pressReleasesMol...

The icing on the cake is what Dennis Gartman pointed out recently (and what will come from it if/when interest rates rise):

“And the #1 holders of US treasury securities, more than 6 x’s as large as are China’s holdings, and more than the total of the Brazil, the Caribbean banking centres, OPEC, the UK, US Pension funds, States and local entities, “other investors,” Japan, China and US Mutual funds combined, is none other than the US Federal Reserve Bank system. So, when we become too egregiously concerned about the concentration of Treasury debt held by the Chinese, or the Japanese or the Russians et al, we should remember that it is the Fed who trumps’em all and trumps’em hard”